Naira Appreciates to N1,280 per Dollar at Parallel Market

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The Nigerian naira witnessed a notable appreciation to N1,280 per dollar at the parallel segment of the foreign exchange (FX) market on Friday.

This current FX rate reflects a significant 5.19 percent appreciation compared to the N1,350/$ reported on March 27.

Currency traders, also known as bureau de change (BDCs) operators, in Lagos quoted the buying rate of the dollar at N1,260 and the selling price at N1,280, maintaining a profit margin of N20.

Aliyu, a currency trader, noted the impact of falling prices of the dollar and other major currencies on their business, stating, “The price of the dollar as well as other major currencies have been falling. It is affecting our business as some customers prefer to keep their currencies than change it with us.”

At the official section of the FX market, however, the naira experienced a 0.69 percent depreciation to N1,309.39/$ on March 28, compared to N1,300.43/$ on March 27.

Meanwhile, the Central Bank of Nigeria (CBN) reported over $1.5 billion in foreign exchange (FX) inflow for the month of March, indicating the effectiveness of its monetary policy initiatives. The apex bank emphasized the positive direction of the naira and reiterated its commitment, under the leadership of CBN Governor Yemi Cardoso, to ensuring market stability and appropriate pricing of the naira against other major currencies worldwide.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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