Naira appreciates, exchanges for 540/$

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The naira has appreciated further in the parallel market as the dollar was sold for N540 on Wednesday, with traders saying speculators hoarding dollars would be losing a lot of money.

The dollar, which was bought and sold for N578 and N580 as of the end of September, was bought and sold for N540 and N543 at the parallel market on Wednesday.

Several Bureau de Change operators who spoke to our correspondent said the demand for foreign exchange was not high.

“Many people who travelled have arrived and there is no high demand for forex as many people are not travelling now,” a BDC operator said.

Another operator said, “The naira had been appreciating and many who have kept the forex would be losing a lot.”

At the Investor & Exporter forex window, the naira appreciated by 0.8 per cent to close at N414.73 on Wednesday, although it fell to a low of N444 during the day.

The Central Bank of Nigeria, however, maintained the official rate at N411.37 on its website.

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