Naira appreciates at parallel market as speculators sell at N1400/$1

Parallel market operators are quoting a buy price of N1400/$1 for holders of dollars looking to sell, marking a significant strengthening of the naira.

Checks reveal that the exchange rate has been gaining lately as speculators start to dump their hoard of dollars following waning demand.

Multiple sources who operate in the parallel market revealed that the naira has risen from around N1600/$ which it closed yesterday to N1500/$ (some quoted N1550/$1) if they are to sell to you.

However, they buy at N1400/$1 allowing them to make a spread of N100/$1. A trader by the name of Musa who spoke expressed happiness with the development stating that a stronger Naira was also good for their business.

Meanwhile, the exchange rate on the official market fell to N1,560/$1 on Tuesday the strongest the naira has traded since the 4th of March when it closed at N1534/$1.