In the parallel market, operators are quoting a buy price of N1400/$1 for individuals selling dollars, marking a notable strengthening of the naira. Recent checks by Nairametrics reveal that the exchange rate has been on the rise as speculators begin offloading their stockpiles of dollars due to decreased demand.
Sources operating in the parallel market note that the naira has appreciated from around N1600/$1 to N1500/$1 (with some quoting N1550/$1) for selling transactions.
However, they purchase at N1400/$1, allowing them to earn a spread of N100/$1. A trader named Musa expressed satisfaction with the development, highlighting that a stronger naira is beneficial for their business.
Meanwhile, the official market's exchange rate dropped to N1,560/$1 on Tuesday, marking the naira's strongest performance since March 4th when it closed at N1534/$1.
Sources: Nairametrics
