At the parallel segment of the foreign currency (FX) market today, the value of the Nigerian naira significantly increased to ₦1,410.00 per US dollar.
The greenback was quoted at ₦1,380.00 for the buying rate and ₦1,410.00 for the selling price by currency merchants, also referred to as bureau de change (BDC) operators. This indicates a profit margin of N30.
The strengthening of the local currency is evident in this appreciation, which represents a noteworthy 0.86 percent increase from the ₦1,160 recorded on April 11.
Lawal, a BDC operator, commented on the current FX market dynamics, stating, “The dollar is falling, and it is not my fault. It is how the FX market is now.”
BDC operator Lawal made the following statement on the state of the FX market: “It is not my fault that the dollar is declining. The FX market is currently set up this way.
Relatedly, earlier Goldman Sachs Group Inc. predicted that the naira may continue its upward trajectory and possibly trade below ₦1,000 to the US dollar.
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