Naira Appreciates At Parallel Market (See Black Market Rate Today)

The naira, on Monday, appreciated against the dollar at the parallel section (Black Market) of the foreign exchange market.

Bureaux De Change (BDC) operators, popularly known as ‘abokis’, who spoke to newsmen in Lagos, quoted the naira at N695 to a dollar.

The figure represents a gain of N12 or 1.7 percent compared to the N707 it traded last week.

Dollar To Naira Black Market Rate Today
Dollar To Naira Black Market Rate Today

Naira Appreciates At Black Market (See Exchange Rate)

At the black market, traders put the buying price of the dollar at N680 and the selling price at N695, leaving a profit margin of N15.

They attributed the appreciation in the value of the naira to the adequate availability of dollars in the market to meet demand.

“The rates have been dropping. Some people have bought dollars from different states like Kano where it is cheap. They brought it to Lagos. Now, we have more dollars in the market compared to last week,” Musa, a BDC operator, told newsmen.

A Black Market is characterized by non-compliant behavior with an institutional set of rules.

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Naira Appreciates At Parallel Market (See Black Market Rate Today)

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Dollar To Naira Black Market Rate Today
Dollar To Naira Black Market Rate Today

Dollar To Naira Black Market Rate Today — 31st July 2022

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