Business
Naira appreciates at parallel market as speculators sell at N1400/$1
Parallel market operators are quoting a buy price of N1400/$1 for holders of dollars looking to sell, marking a significant strengthening of the naira.
Checks reveal that the exchange rate has been gaining lately as speculators start to dump their hoard of dollars following waning demand.
Multiple sources who operate in the parallel market revealed that the naira has risen from around N1600/$ which it closed yesterday to N1500/$ (some quoted N1550/$1) if they are to sell to you.
READ ALSO: Naira trades below N1,600 to a dollar at official market
However, they buy at N1400/$1 allowing them to make a spread of N100/$1. A trader by the name of Musa who spoke expressed happiness with the development stating that a stronger Naira was also good for their business.
Meanwhile, the exchange rate on the official market fell to N1,560/$1 on Tuesday the strongest the naira has traded since the 4th of March when it closed at N1534/$1.
-
Latest7 days agoUS Immigration fees rise from October 16 as USCIS announces new charges
-
Latest2 days agoIsrael marks 3 years since October 7 Hamas attack amid Gaza strikes, election debate
-
Business6 days agoNigeria’s $55bn reserves raise fresh questions over naira value
-
Health6 days agoFlorida sues Pfizer over deceptive COVID-19 vaccine marketing
-
Business1 week agoTuoyo Erikowa wins digital marketing personality of the Year at 2026 EDGE awards
-
Crime6 days agoFrom camp to captivity: How kidnappers now target NYSC Corps members on highways
-
Featured6 days ago2027: Can Nigeria’s opposition still unite behind a single presidential candidate?
-
Crime6 days agoFulani Militia leader linked to Christian killings arrested in Plateau