The Nigerian official currency, Naira appreciated against the dollar at the parallel section of the foreign exchange market otherwise known as the black market.
@goldmynetv understands that Bureaux De Change (BDC) operators, popularly known as ‘abokis’, who spoke to us in Lagos, quoted the naira at N695 to a dollar.
The N695 to $1 dollar it exchanged today on the black market, represents a gain of N12 or 1.7 percent compared to the N707 it traded last week.
Bureaux De Change (BDC) operators on Monday, put the buying price of the dollar at N680 and the selling price at N695, leaving a profit margin of N15.
The traders 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 @goldmynetv
A parallel (street/black) market is characterised by noncompliant behaviour with an institutional set of rules.
