On Friday, the naira strengthened in the foreign currency (FX) market’s parallel segment.
Currency dealers, often referred to as bureau de change (BDC) operators, put the value of the naira at N1,510 to the US dollar at the Lagos street market.
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The dealers set the dollar’s purchasing and selling prices at N1,480 and N1,510, respectively, leaving a N30 profit margin.
Naira Gains Value
The amount shows an N40, or 2.65%, increase from the N1,550/$ transacted on May 15.
On Friday, the local currency at the FMDQ Exchange, which regulates official foreign exchange (FX) trade in Nigeria, increased by 2.45 percent, or N36.66, to N1,497.33/$, from N1,533.99/$ on May 16.
In the course of trading, an exchange rate is the cost of The highest rate ever recorded was N1,555/$, while the lowest rate was N1,415/$.
A daily turnover of $83.50 million was noted at the official window.
The Central Bank of Nigeria (CBN) was asked on May 16 by the Center for the Promotion of Private Enterprise (CPPE) to set a quarterly, review rate for the exchange rate benchmark used to calculate import duties, which should be between N800 and N1,000 per dollar.
The director-general of CPPE, Muda Yusuf, stated that this is crucial to reducing the inflationary spillover impact of rising trade expenses.
