Naira Appreciates To N1,240/Dollar In Parallel, Official Markets

At the close of trading on Wednesday, Nigeria’s currency, the naira appreciated to N1,240 per dollar at the parallel section of the Foreign Exchange (FX) market.

The current FX rate signifies an increase of 0.80 percent from the N1,250/$ reported on April 1.

Currency traders, also known as street traders, in Lagos, quoted the buying rate of the local currency at N1,220 and the selling rate at N1,240.

At the official window, the local currency appreciated by 1.25 percent against the dollar from N1,278.58 on April 2 to close at N1,262.85 on Wednesday.

During trading hours in the official window, a dollar was sold as high as N1,296 and at a low rate of N1,210, according to FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM).

The daily foreign exchange market turnover was $166.18 million.

With the current figures at both FX markets, the official market rate surpasses the parallel market rate by N22.85.