On Monday, the naira rose further to N1,650 per dollar in the parallel foreign exchange (FX) market.
The naira appreciated by 6.78 percent, reflecting a N120 reduction from the N1,770/$ exchanged on February 23, 2024.
Bureau De Change (BDC) operators in Lagos set the purchase price for the dollar at N1,650 and the selling price at N1,600, yielding a profit margin of N50.
“The rate is getting better. But the rate might still go higher as there is still scarcity,” a trader identified as Aliyu, told TheCable.
At the official window, the local currency appreciated by 4.96 percent, from N1,665.5/$ on February 23, to close at N1,582.94/$ on Monday.
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This is according to data from FMDQ Exchange — a platform that oversees official FX trading in Nigeria.
At the current exchange rate, the disparity between both FX markets amounted to N67.06, dropping from N104.5.
The development comes days after the Central Bank of Nigeria (CBN) released new guidelines for Bureau De Change (BDC) operators.
According to the apex bank, sellers of FX of $10,000 and above to BDC operators must declare the source of the forex.
The bank also placed limits on foreign exchange sales by BDC operators.