The naira appreciated marginally to N1,627 against the dollar at the parallel section of the foreign exchange (FX) market on Thursday.
The currency strengthened by 1.39 percent from the N1,650/$ recorded on January 24.
Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the dollar on Thursday as N1,610 and the selling price at N1,627 — leaving a profit margin of N17.
According to parallel market traders, the local currency appreciated due to low demand for the dollar.
BDC operators also confirmed that “the intervention by the Central Bank of Nigeria (CBN) on the sales of dollars through banks this week, has been steady”.
In the official window, the naira appreciated from N1,533/$ on Monday to N1,493 on January 30, according to data from the Nigeria Foreign Exchange (NAFEM) platform.
The local currency traded at N1,520 at the close of business on Tuesday, before appreciating further to N1,506 on Wednesday, and N1,493 on Thursday.
