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Naira is now #665 per 1 dollar at parallel market

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Naira is now #665 per 1 dollar at parallel market

Naira and Dollar

The naira on Tuesday maintained its momentum on the parallel market to appreciate at N665 to the dollar days after security operatives raided the Bureaux De Change (BDC) center in Abuja.

The development represents N30 or 4.3 percent gain compared to N695 to the dollar on Monday.

Currency traders known as Bureaux De Change (BDC) operators in the Ikeja area of ​​Lagos who spoke to TheCable put the buying rate of the dollar at N650 and the selling price at N665 to the dollar.

According to traders, gains are largely driven by increased dollar liquidity in the market

"There is a lot of dollars in the market now. Some oil companies have also brought dollars to sell,” a BDC operator told TheCable.

On the official side of the market, the naira gained 0.03 percent to close at NZ$428.88 to the dollar on Monday, according to data from FMDQ OTC Securities Exchange, the platform that oversees official foreign exchange trading in Nigeria.

Last week, operatives of the Economic and Financial Crimes Commission (EFCC) raided Wuse Zone 4, Federal Capital Territory, Abuja, over allegations that some Bureaux De Change (BDC) operators were liquidating foreign currencies.

“The EFCC raid on Abuja BDCs last week dampened demand,” a source told TheCable.

“There were big buyers last week and many had to queue!

“The current situation tells you that if you let the market work, it will find its level. We used to blame aboki fx.”

Aminu Gwadabe, president of the Association of Bureaux De Change (BDC) operators, told TheCable that the "surveillance of the market" was done in collaboration with the association.

"We have a cordial relationship with the security agencies and ongoing cooperation with the agencies on exchange rate issues," he said.

The Central Bank of Nigeria (CBN) regularly intervenes in the official foreign exchange market to maintain stability.

Last week, Osita Nwasinobi, the spokesperson of the CBN, said the apex bank would continue to make deliberate efforts in the foreign exchange sector to avoid further depreciation of the naira.

He further advised forex buyers not to succumb to the speculative activities of some players in the FX market to save the naira from further decline.

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