In Wednesday’s foreign exchange market, the Nigerian naira saw an increase in value against the US dollar.
At the parallel market, the naira appreciated by 6.25 percent, reaching N1,350 per dollar. Bureau de change operators in Lagos quoted buying and selling rates of N1,300 and N1,350 respectively, with a profit margin of N50.
In the official FX market, the naira also appreciated by 5.97 percent, reaching N1,300.43 per dollar, compared to N1,382.95 on March 26.
On the FMDQ Exchange platform, which oversees official FX trading, the naira’s highest and lowest rates were N1,460 and N1,200 respectively.
The narrowing gap of N50 between official and parallel market rates suggests a potential convergence, which could lead to decreased patronage of street markets in favor of official channels.