<\/p>\n
The naira, on Monday, appreciated to N1,120 per dollar at the parallel section of the foreign exchange (FX) market.<\/p>\n
The current FX rate signifies a decrease of 9.67 percent from the N1,240\/$ reported on April 3.<\/p>\n
Bureau de change (BDC) operators, also known as street traders, in Lagos, quoted the buying rate of the local currency at N1,100 and the selling rate at N1,120 \u2014 leaving a profit of N20.<\/p>\n
At the official window, the local currency appreciated by 1.63 percent to N1,230.61\/$ on Monday, from N1251.05\/$ on April 5.<\/p>\n
FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), also known as the official window, reported a turnover of $125.55 million.<\/p>\n
At the end of trading, the gap between the parallel market and the official window rates stood at N110.61.<\/p>\n
Meanwhile, on March 10, Goldman Sachs had predicted that the naira would appreciate to N1,200 against the dollar in the next 12 months.<\/p>\n
We thus see reason for the Naira to be undervalued, and we see it appreciating to 1200 within the next 12 months,\u201d Goldman Sachs said.<\/p>\n
Goldman Sachs said Nigeria is \u201cturning the corner\u201d following its recent currency crisis.<\/p>\n
The naira has been depreciating amid the Central Bank of Nigeria\u2019s (CBN) intervention in the foreign exchange market.<\/p>\n
In February, CBN sold $20,000 to each BDC at the rate of N1,301\/$. However, in March, the apex bank sold $10,000 to each BDC at the rate of N1,251\/$.<\/p>\n
The rate CBN sold dollars to BDC operators was further reduced to N1,101\/$1 on Monday when the apex bank announced plans to sell $10,000 to the BDCs.<\/p>\n","protected":false},"excerpt":{"rendered":"
The naira, on Monday, appreciated to N1,120 per dollar at the parallel section of the foreign exchange (FX) market. The current FX rate signifies a decrease of 9.67 percent from the N1,240\/$ reported on April 3. Bureau de change (BDC) operators, also known as street traders, in Lagos, quoted the buying rate of the […]<\/p>\n","protected":false},"author":7,"featured_media":26437,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-26506","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/26506","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=26506"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/26506\/revisions"}],"predecessor-version":[{"id":26507,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/26506\/revisions\/26507"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/26437"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=26506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=26506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=26506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}