Traders at the Lagos Parallel Market (Black Market) bought a dollar for N1,240 and sold it at N1,250 on Saturday 6th January 2024, according to sources at the Bureau De Change (BDC).
However, the naira appreciated to N891.90 per dollar in the official Nigerian Foreign Exchange Market (NAFEM).
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N872.59 per dollar from N885.88 per dollar last weekend, indicating a N13.29 appreciation for the naira.
Consequently, the gap between the official and parallel market exchange rates widened to N357.41 per dollar yesterday from N339.12 per dollar last week.
The volume of dollars traded on the window increased by 39 percent to $127.93 million from $92.16 million traded last weekend.
Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facets of the society.
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