Naira appreciates to N1,770/$ at parallel market

Naira strengthened on Friday to close at N1,770 against the dollar at the parallel section of the foreign exchange market.

It appreciated by N90 or 4.84 percent, compared to the N1,860 per dollar reported on February 21, 2024.

Bureau de Change (BDC) operators quoted the buying price of the naira at N1,730 and the selling price at N1,770 — leaving a profit margin of N40.

At the official window, naira depreciated by 5.99 percent to close at N1665.50/$ on Friday — from N1,571.31/$ per dollar on February 22.

Meanwhile, on Friday, the Association of Bureau De Change Operators of Nigeria (ABCON) directed its members to abide by extant laws establishing them.

“In line with our obligations, ABCON supports the drive of authorities to streamline any illegal economic behaviours,” he said.

Gwadabe also said BDC operators are excluded from the foreign exchange market and collaboration with the Central Bank of Nigeria (CBN) is ongoing to ensure the return of the members’ participation in the market.

Also, on Friday, the federal government said CBN’s efforts to reform the FX market have been met with ferocious resistance from speculators and other unscrupulous players.