Naira appreciates, trades for 540/$ at parallel market

Speculators miss out
The value of the naira increased on Wednesday in the parallel market as the dollar was sold for N540, Checkout Magazine learnt.

This means speculators hoarding the dollar 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.

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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