Difference Between Parallel and Official FX Rates Drops To N22 As Naira Gains

The Naira, on Wednesday, appreciated to N1,050 at the parallel foreign exchange, FX, market.

The current FX rate translates to an increase of 4.55 percent, or N50 from the N1,100 to the dollar value traded on April 15.

Speaking to TheCable in Lagos, currency traders, known as bureau de change (BDC) operators, quoted the buying price of the dollar at N1,020 and the selling price at N1,050 — leaving a profit margin of N30. 

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The FMDQ Exchange, a platform that oversees official foreign exchange trading in Nigeria, says the local currency rose by 6.56 percent to N1,072.74 to $1 on Wednesday, from N1,148 on April 16.

The gap between the official window and the parallel market shrunk to N22.74, from N48.14.