The Nigerian naira appreciated to N1,550 per dollar in the parallel foreign exchange market on Thursday, its strongest level since July 9, 2024, when it traded at N1,540 per dollar.
Currency traders in Lagos, commonly known as Bureau de Change operators, reported buying the dollar at N1,580 and selling at N1,550, reflecting a profit margin of N30.
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The naira has started the month on a positive trajectory, recording steady gains against the dollar. From an exchange rate of N1,603 per dollar on February 3, the currency appreciated to
N1,593 on February 4 and N1,580 on February 5.
Compared to its N1,627 per dollar valuation on January 30, the naira has strengthened by 4.73%, reflecting renewed momentum in the FX market.
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