Naira Hits N740/$ At Parallel Market

Naira hits N740 per dollar at the parallel section of the foreign exchange (FX) market, popularly called the black market.

The figure signifies a N10 or 1.3 percent gain compared to the N750 it traded last weeks.

Bureaux De Change operators (BDCs) made it known in an interview that they purchase the greenback at N725/$, make a gain of N15 and then sell at N740/$.

The street traders attributed the appreciation of the currency to moderation in demand for dollars by importers and a slight improvement in supply during the festive season.