Naira Strengthens To N1400/$ At Parallel Market As Speculators Dump Dollar “Stock”

The naira strengthened on Wednesday to close at N1400/$1 in the parallel section of the foreign exchange market.

Reports said that the exchange rate had been gaining lately as speculators started to dump their hoards of dollars following waning demand.

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Multiple sources who operate in the parallel market disclosed that the naira would appreciate from N1600/$1, which it closed yesterday, to N1500/$ (some quoted N1550/$1) if they were to sell it.

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Bureau de Change (BDC) operators quoted the buying price of the naira at N1400/$1, allowing them to make a spread of N100/$1.

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