June 18, 2024
Naira Strengthens Against Dollar At Parallel, Official Markets
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Naira Strengthens Against Dollar At Parallel, Official Markets

The naira appreciated to N1,490 per dollar at the parallel section of the foreign exchange, FX, market on Monday.

This represents a 1.34 percent increase from the N1,510/$ recorded on May 17.

Bureau de Change (BDCs) operators in Lagos, quoted the buying rate of the dollar at N1,450 and the selling price at N1,490, translating to a profit margin of N40.

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At the official section of the FX market, the naira appreciated by 1.93 percent to N1,468/$ on Monday, up from the N1,497/$ it traded on May 17.

On Monday, Agora Policy, an Abuja-based think tank, said Nigeria needs a temporary dollar liquidity bridge or FX inflows for the orthodox reforms of the Central Bank of Nigeria, CBN, to take effect.

It also advised the financial regulator that eurobond issuance, assets sale, and engaging multilateral agencies, could boost dollar inflows into the country.

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