The naira continued its upward trajectory, appreciating to N1,490 per dollar in the parallel foreign exchange (FX) market on Monday.
This marks a 1.34 percent increase from the N1,510 per dollar rate recorded on May 17.
Currency traders in Lagos, commonly referred to as bureau de change (BDC) operators, reported the buying rate of the US dollar at N1,450, with the selling price set at N1,490, resulting in a profit margin of N40.
Meanwhile, in the official section of the FX market, the naira appreciated by 1.93 percent, closing at N1,468.99 per dollar on Monday, compared to the N1,497.33 per dollar traded on May 17.
During intra-day trading, the naira fluctuated significantly, depreciating to as low as N1,550 per dollar and appreciating to as high as N1,400 per dollar.
