Friday, September 29, 2023

Naira strengthens to N695/$1 at parallel market

The Nigerian currency, the naira, on Monday, appreciated to N695 against the dollar at the parallel section of the foreign exchange market, according to data from Aboki Forex.

The figure represents a gain of N12 or 1.7 percent compared to the N707 it traded last week.

The platform put the buying price of the dollar at N690 and the selling price at N695, leaving a profit margin of N10.

Bureau De Change operators attributed the appreciation in the value of the naira to the adequate availability of dollars in the market to meet demand.



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