The naira, on Monday, appreciated to N1,250 per dollar at the parallel section of the foreign exchange (FX) market.

The FX rate is a 0.43 percent increase from the N1,280 recorded on March 29.

Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the greenback at N1,230 and the selling price at N1,250 — leaving a profit margin of N20.

“The dollar keeps declining and it is affecting business but business is picking up gradually,” a currency trader named Aliyu said.

At the official section of the FX market, the local currency depreciated by 0.69 percent to N1,309.39/$ on March 28 — from N1,300.43/$ on March 27.

Meanwhile, Aminu Gwadabe, president, Association of Bureau de Change Operators of Nigeria (ABCON), on March 31, said the recall of members into the FX market has led to stability in the exchange rate.

“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.

proff010:
Good one, by end of May dollar will be 500 to naira in Jesus name.

Melagros:

And the prices of goods and services will remain high. So, where is the charge that you promised us?

helinues:


Should government also be responsible for the prices of goods and services to come down..

We all blame government for everything while the citizens could even be more worse that the politicians self

tollyboy5:

Do you know why dangote and PH refinery are not working?

helinues:


As an insider, give us the full gist as me don't know

helinues:


Should government also be responsible for the prices of goods and services to come down..

We all blame government for everything while the citizens could even be more worse that the politicians self

Melagros:

Absolutely, yes, the government should be held liable, because the evil government of the apc had promised us heaven on earth. So, it should resign if it's incapable of fulfilling her promises

Melagros:

And the prices of goods and services will remain high. So, where is the change that you promised us?

tollyboy5:

So simple.
Nothing works with propaganda. Like some obidient do say, the refinery is not even near completion until 2026 orso.

helinues:


Have you given credit to the same government with the moves they have been making to stabilize things?

EmperorCaesar:


Your economics teacher failed u
What a pity

Zonefree:

Stabilizer.

So, what did government stabilize?

A dollar sold for N700 before this government, it's now N1250. Is that stability in your village?

Nonsense!

helinues:


Which one is like some Obidient do say, you are not even proud to associate with the group anymore even though you are one of their members( Shame)..

How many flagyl have you taken after reading this news, the running stomach no go be here.

This na just the beginning of shitting intestines, cos that's what hatred for one's country do cause

tollyboy5:

You can't even prove me wrong lol. You sef knw sey Na propaganda refinery repair wey Dem use chop billions.
APC = All Promise Canceled

helinues:


Why are you so ashamed to associate with the Obidients group?

Are they now an abomination?

helinues:


You people should stop carrying bitterness come online daily. Nothing you guys would ever appreciate.

Zonefree:

You want us to appreciate Naira depreciation?

SalamRushdie:
This is clearly a lie

tollyboy5:

So simple.
Nothing works with propaganda. Like some obidient do say, the refinery is not even near completion until 2026 orso.

Zonefree:

Stabilizer.

So, what did government stabilize?

A dollar sold for N700 before this government, it's now N1250. Is that stability in your village?

Nonsense!