The naira has appreciated to N1,490 per dollar at the parallel section of the foreign exchange (FX) market on Monday.
The FX rate is a 1.34 percent rise from the N1,510/$ recorded on May 17.
Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the dollar at N1,450 and the selling price at N1,490, leaving a profit margin of N40.
At the official section of the foreign exchange market, the naira appreciated by 1.93 percent to N1,468.99/$ on Monday, from N1,497.33/$ traded on May 17.
Likewise, the local currency depreciated as low as N1,550/$ during intra-day trading and appreciated as high as N1,400/$.
In the meantu, Agora Policy, an Abuja-based think tank, stated that Nigeria needs a temporary dollar liquidity bridge or foreign exchange inflows for the orthodox reforms of the Central Bank of Nigeria (CBN) to take effect.
Advising the financial regulator, Agora Policy said eurobond issuance, assets sale, and engaging multilateral agencies, could boost dollar inflows into the country.
Over the medium term, the think tank said Nigeria must prioritise restoring organic dollar flows from oil exports by clearing the backlog of encumbrances.
Advising the financial regulator, Agora Policy said eurobond issuance, assets sale, and engaging multilateral agencies, could boost dollar inflows into the country.
Over the medium term, the think tank said Nigeria must prioritise restoring organic dollar flows from oil exports by clearing the backlog of encumbrances.
