At the parallel market of the foreign currency (FX) market, the value of the naira increased to N1,250 per dollar.
The FX rate increased by 0.43 percent from N1,280 on March 29.
The purchase rate of the US dollar was stated by currency dealers in Lagos, often referred to as bureau de change (BDC) operators, at N1,230, and the selling price at N1,250, leaving a N20 profit margin.
The local currency fell by 0.69 percent to N1,309.39/$ at the official segment of the FX market on March 28 from N1,300.43/$ on March 27.
On March 31, Aminu Gwadabe, president of the Association of Bureau de Change Operators of Nigeria (ABCON), stated that the currency rate has stabilised as a result of members being called back into the foreign exchange market.
“The reconsideration of the BDCs into the mainstream foreign exchange market has not only cleared illegal economic behaviours of hoarding, rent-seeking, round tripping and FX holding position, and led to the emergence of exchange rate convergence,” Gwadabe said.
Gwadabe also said the increase in FX inflows through the CBN’s monetary tools boosts foreign reserves, granting the apex bank the power to defend the local currency.
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