The naira has appreciated to N775 per dollar at the parallel section of the foreign exchange market.
The figure represents an appreciation of N15 or 1.9 percent compared to the N790 it traded last week.
Bureaux De Change operators, popularly known as ‘abokis’, who spoke to TheCable in Lagos, quoted the buying rate of the greenback at N770 and the selling price at N775 per dollar, leaving N5 profit margin.
A BDC operator in the Victoria Island area of Lagos, said buying and selling prices stood at N770/$ and N780/$, respectively.
He said there was low demand for the greenback in the street market.
“Most people importing goods from abroad to sell in Nigeria by December have already sent their money. They don’t need to buy dollars for now,” Musa said.
On the official market side, the local currency appreciated by 0.02 percent to close at N445.67 on Friday, according to details on FMDQ OTC Securities Exchange — a platform that oversees official foreign-exchange trading in Nigeria.
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