A Bureau de Change operator at Wuse Zone 4, Malam Ibrahim, confirmed the rates on Monday.
Browsing: PARALLEL MARKET
The poor economic denominators identified above, as witnessed also in other countries with weaker currencies, will always give birth to thriving parallel markets as a result of excess demands where supplies are lacking. Especially in an economy where local production is practically non-existent, exchange rates affect costs of goods and services; and where a country relies so much on goods and services produced in other countries, and such a country floats its currency, it is certain that the currency value will move about in response to supply and demand factors. Also, where supply of forex cannot meet legitimate demands, it will lead to a boost in parallel market activities. In addition, unpredictable exchange rates will give market players undue opportunities to profit from trading in foreign currencies because it is certain that a floated currency without sustainable supply windows will turn the country’s currency to a speculative currency. In the piece titled ‘What Is Money’, written by Irena Asmundson and Ceyda Oner and published by International Monetary Fund, Finance and Development, the duo declared: “If people start expecting that prices will continue to rise, they may increase their own prices even faster. Unless the government acts to rein in expectations, trust in money will be eroded, and it may eventually become worthless”. When trust is eroded, it means a loss of confidence.
The Pound Sterling and the Euro closed at N575 and N515 respectively.
The Pound Sterling and the Euro also exchanged for N575 and N530 respectively.
At the Bureau De Change segment, the naira traded at N359.3 to the dollar, while the Pound Sterling and the Euro closed at N450 and N396 respectively.
The currency was N359 to dollar at the parallel market in Lagos, while it was exchanged at N445 and N397 to the pound sterling and Euro, respectively.
The Naira on Monday gained 50 Kobo to trade at N358.5 to the dollar at the parallel market in Lagos, slightly stronger than N359 traded on Friday.
The naira was traded at the segment at N461 and N407 against the Pound Sterling and the Euro, respectively.
The naira appreciated marginally against the dollar at the parallel market on Thursday, exchanging at N359 to the dollar.
The pound sterling and the euro exchanged at N462 and N407, respectively.
The Naira on Tuesday gained 40 Kobo to exchange at N359 to the dollar at the parallel market in Lagos, stronger than N359.6 traded on Monday.
The Naira on Monday appreciated further at the parallel market in Lagos, exchanging at N358 to the dollar, stronger than N359 it traded on Friday.
The Naira on Friday closed trading on a positive note by reversing the marginal loss made on Thursday.
The Naira on Thursday lost 30 kobo to exchange at N358.30 to the dollar at the parallel market in Lagos, weaker than N358 traded on Wednesday.
The Naira gained 40k against the dollar at the end of Friday trading, exchanging at N359.6 stronger than N360 traded on Thursday.
The News Agency of Nigeria reports that the Nigerian currency exchanged at N358, stronger than N358.4 traded on Wednesday, while the Pound Sterling and the Euro closed at N480 and N417, respectively.
The Pound Sterling and the Euro traded at N484 and N414.
The Naira on Wednesday gained marginally against the dollar at the parallel market in Lagos, the News Agency of Nigeria reports.
The Naira on Wednesday appreciated marginally against the dollar at the parallel market in Lagos, exchanging at N358.50 to the dollar.
The Nigerian currency exchanged at N361 to the dollar, stronger than the N361.50 traded on Tuesday, while the Pound Sterling and the Euro closed at N488 and N423, respectively.