The naira appreciates more and trades 530 N to the dollar on the parallel market

The naira appreciated further against the dollar on the parallel market on Thursday to trade at 530 N to the dollar.

The figure is N10 or 1.8 percent higher than the N540 he traded on Wednesday.

Street traders in the foreign exchange markets in Lagos who spoke to TheCable on Thursday quoted the naira at N 530 and 540 per dollar for the buy and sell prices, respectively.

A parallel market (street market) is characterized by behavior that does not comply with a set of institutional rules.

Meanwhile, the currency depreciated 0.1% in the official market to close at N414.73 on Thursday, according to details from the FMDQ OTC Securities Exchange, a platform that oversees official foreign exchange trading in Nigeria. .

As part of efforts to prevent a further depreciation of the naira against the dollar, the CBN had stopped selling forex to exchange office operators (BDC).

The CBN said the BDCs had transformed themselves into “agents who facilitate the corrupt and corrupt activities of those seeking illicit fund flows and money laundering in Nigeria.”

But the Association of Bureaux de Change Operators of Nigeria (ABCON) urged the umbrella bank to allow it access to forex at the official market rate to create more liquidity.

Aminu Gwadabe, president of ABCON, said the association had sent a request to the CBN for an alternative currency exchange window to enable it to handle diaspora remittances, capital imports and export earnings. , according to a Reuters report.

“We are redefining our economic model. Instead of handing out central bank dollars, let’s look at it as a distributor of liquidity, ”Gwadabe said as quoted by Reuters.

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