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Friday, January 27, 2023

Naira appreciates to N710/$ at parallel market

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The naira has sustained its momentum at the parallel market, appreciating N710 per dollar in Lagos on Friday.

The development represents N115 or 13.9 percent gain compared to the N825 to a dollar it traded on Wednesday.

Bureaux De Change operators (BDCs) in the Ikeja area of Lagos, who spoke to TheCable, quoted the buying rate of the greenback at N700 and the selling price at N710 per dollar, leaving an N10 profit margin.

The traders said there was moderation in demand for dollars by citizens.

“I have plenty of dollars in my hand but people are not buying as much as before. I have not yet sold anything today,” Abubakar, a trader at the Alade Market, Ikeja, told TheCable.

A currency trader at Victoria Island, simply identified as Musa, said he is currently buying the local currency at N700/$ and selling it for N740 per dollar on Friday morning.

He said he and some of his colleagues were recording losses because they had bought the dollar at about N800 but now have no choice but to sell for a lower amount.

“I am losing some money too but I am not selling anymore till it goes back up. They (other currency dealers) will keep and sell when it goes up,” Musa told TheCable.

He also attributed the appreciation of the naira against the dollar to a rumour that any US dollar bill issued before 2022 would not be acceptable by January 2023.

“Even though the news is fake, how many people will you tell? They just believe that you want to take their money,” Musa said.

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Last week, the naira weakened to almost N900 per dollar, pressured by the planned currency redesign by the Central Bank of Nigeria (CBN) and the subsequent Economic and Financial Crimes Commission (EFCC) 

credit: thecable

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