The Nigerian currency, Naira, on Monday, appreciated further at the official and parallel market against the US Dollar.
The naira is currently trading at N1,136.04 to the dollar at the official market.
Data from the official trading platform of the FMDQ Exchange revealed that the Naira gained N6.34.
This represents a 0.55 per cent gain when compared to the previous trading date on Friday, April 12, exchanging at N1,142.38 to a dollar.
Similarly the Naira appreciated to N1,100 per dollar in the parallel market
At the street market, currency traders, also known as bureau de change (BDC) operators, quoted the naira at N1,100 to the greenback.
The traders put the buying price of the dollar at N1,070 and the selling price at N1,100 — leaving a profit margin of N30.
The figure represents an appreciation of N50 or 4.34 percent from the N1,150/$ it traded on April 12.
Consequently, the margin between the parallel market and NAFEM rates narrowed to N56.04 per dollar from N86.62 per dollar last Friday.
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.
On April 12, Goldman Sachs Group declared naira as one of the current best performing currency in the world.
He said the naira could extend gains to trade below N1,000 to the dollar.
