The naira, on Wednesday, appreciated to N1,570 at the unofficial foreign exchange (FX) market from the N1,600 it traded on Tuesday.
Currency traders in Lagos, also known as bureau de change (BDC) operators, quoted the buying rate of the greenback at N1,550 and the selling price at N1,570 — leaving a profit margin of N20.
At the official section of the FX market however, the local currency depreciated by 0.78 percent to finish at N1,615.94/$ on Wednesday — from N1,603.38/$ on March 12.
According to FMDQ Exchange, a platform that oversees official FX trading in Nigeria, the naira recorded a high of N1,635 and a low of N1,500 while the reported daily FX turnover rose by 103.59 percent to $248.75 million, compared to $122.18 million recorded the previous trading day.
In the past couple of days, the exchange rate appears to have stabilised even though fluctuations still occur. Also, the margin between the official market rate and the parallel market rates has narrowed significantly since the series of interventions by the CBN kicked in.