On Monday, the naira gained further in the parallel foreign currency (FX) market.
Currency traders, commonly known as bureau de change (BDC) operators, offered the naira at N1,100 to the dollar in Lagos’ street market.
The dealers set the purchase price of the dollar at N1,070 and the selling price at N1,100, leaving a profit margin of N30.
The figure reflects a 4.34 percent increase from the N1,150/$ exchange rate on April 12.
At the FMDQ Exchange, a platform that oversees official foreign exchange (FX) trading in Nigeria, the local currency rose by 5.72 percent or N69.02 to N1,136.04/$ on Monday from N1,205.06/$ on April 12.
READ ALSO: Naira appreciates in parallel market as Goldman Sachs says it could trade below N1000 per dollar
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On April 11, the presidency said President Bola Tinubu’s multi-faceted approach to eliminating foreign exchange (FX) racketeering is strengthening the naira against global currencies.
In a statement on Wednesday, Ajuri Ngelale, special adviser to the president on media, said the country’s financial position will improve, leading to the possibility of Nigerians experiencing a stronger naira and a decrease in the prices of goods.
“The President has been very consistent in his view that the labour pains felt by our people and the incredible sacrifices made by our people over the past 10 months would be rewarded across the board,” Ngelale said.
On April 12, Goldman Sachs Group said the naira could extend gains to trade below N1,000 to the dollar.