Naira strengthens to N1400/$ at parallel market as speculators sell

The naira strengthened on Wednesday to close at N1400/$1 in the parallel section of the foreign exchange market.

Persecondnews reports that the exchange rate has been gaining lately as speculators start to dump their hoards of dollars following waning demand.

Multiple sources who operate in the parallel market disclosed that the naira would appreciate from N1600/$1, which it closed yesterday, to N1500/$ (some quoted N1550/$1) if they were to sell it.

Bureau de Change (BDC) operators quoted the buying price of the naira at N1400/$1, allowing them to make a spread of N100/$1.