Naira strengthens to N665/$ at parallel market

The naira yesterday sustained its momentum at the parallel market, appreciating to N665 per dollar a few days after security operatives raided the Bureaux De Change (BDC) hub in Abuja.

The development represents N30 or 4.3 per cent gain compared to the N695 to a dollar recorded the day before.

Currency traders known as BDCs in the Ikeja area of Lagos, quoted the buying rate of the greenback at N650 and the selling price at N665 per dollar.

According to the traders, the gains are influenced by increased dollar liquidity in the market. “Dollar is plenty in the market. Some oil companies also brought out dollars to sell,” a BDC operator said.

On the official market side, the naira appreciated by 0.03 per cent to close at N428.88 to a dollar on Monday, according to data on FMDQ OTC Securities Exchange, a platform that oversees official foreign-exchange trading in Nigeria.

Last week, operatives of the Economic and Financial Crimes Commission (EFCC) raided Wuse Zone 4,  Abuja, over allegations that some BDC operators were mopping up foreign currencies.


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