Naira Gains Against Dollar on Parallel Market, Exchanges for N1,400/$
The parallel market has seen the naira strengthen against the dollar, with a buy price of N1,400/$1 quoted for those holding dollars looking to sell. The rise in the naira is due to waning demand, as speculators offload their dollars.
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Checks by Economic confidential indicate the exchange rate has been gaining lately as speculators start to dump their hoard of dollars following waning demand.
Multiple sources who operate in the parallel market revealed that the naira has risen from around N1600/$ which it closed yesterday to N1500/$ (some quoted N1550/$1) if they are to sell to you.
However, they buy at N1400/$1 allowing them to make a spread of N100/$1.
Meanwhile, the exchange rate on the official market fell to N1,560/$1 on Tuesday the strongest the naira has traded since the 4th of March when it closed at N1534/$1.
