Naira Strengthens in Forex Market

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By Reporter 

The Naira yesterday sustained its momentum at the parallel market, appreciating to N665 per US Dollar, few days after security operatives raided the Bureaux De Change, BDC hub in Abuja.

The development represents N30 or 4.3 per cent gain, compared to the N695 to US Dollar, recorded the day before.

Currency traders known as BDCs in the Ikeja area of Lagos, quoted the buying rate of the greenback at N650 and the selling price at N665 per Dollar.

On the official market side, the Naira appreciated by 0.03 per cent to close at N428.88 to US Dollar on Monday, according to data on FMDQ OTC Securities Exchange, a platform that oversees official foreign-exchange trading in Nigeria.

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