• Raid by DSS worsens dollar scarcity at parallel market

    Raid by DSS worsens dollar scarcity at parallel market

    Suspicion and fear permeates the Lagos parallel market as traders struggle to come to terms with last week’s raid by security operatives, the News Agency of Nigeria reports.

    The situation worsened the scarcity of the greenback as traders’ fear that operatives of the Department of State Services were still disguising as potential foreign exchange buyers in the market.

    A currency trader, who pleaded anonymity, said the situation might further erode the gains made by the Central Bank of Nigeria in ensuring the […]

  • Naira appreciates against dollar at parallel market

    Naira appreciates against dollar at parallel market

    According to reports, the Naira on Tuesday appreciated against the dollar at the parallel market, closing at N468 to a dollar, the News Agency of Nigeria (NAN) reports.

    The Nigerian currency gained N2 from N470 it posted on Monday while it exchanged at N570 and N517 against the Pound Sterling and the Euro, respectively.

    Trading at the Bureau De Change (BDC) segment of the market showed that the Naira was sold at the approved rate of N380 to the dollar, while Pound […]