On Tuesday, the naira experienced a further appreciation in value at the parallel segment of the foreign exchange (FX) market.
Currency traders in Lagos, popularly known as bureau de change (BDCs) operators, quoted the naira at N1,400 against the US dollar at the street market.
According to the traders, the buying price of the dollar stood at N1,400, while the selling price was at N1,440, resulting in a profit margin of N40.
This appreciation reflects a gain of N50 or 2.04 percent compared to the rate of N1,470/$ recorded on March 22.
At the FMDQ Exchange, the platform overseeing official FX trading in Nigeria, the local currency appreciated by 1.64 percent or N23.41 to close at N1,408.08/$ on Monday, up from N1,431.49/$ on March 22.
Meanwhile, on March 24, Aminu Gwadabe, president of the Association of Bureau De Change Operators of Nigeria (ABCON), urged the Central Bank of Nigeria (CBN) to adopt a new approach in sourcing foreign exchange for the economy.
Gwadabe highlighted the need to address valid foreign exchange backlogs to enhance market stability and attract international investments.
He emphasized the growing resilience and capabilities of the CBN in safeguarding the local currency through various measures, advising the apex bank to continue widening its strategies and undergo a paradigm shift in FX sourcing.
The call for action underscores the importance of ensuring a stable and robust foreign exchange market to support economic growth and development.
