The naira has significantly strengthened as parallel market operators are quoting a buy price of N1400/$1 for dollar holders looking to sell.
The exchange rate has been rising recently, according to checks by Nairametrics, as speculators begin to unload their stash of dollars in response to declining demand.
According to several sources involved in the black market, the value of the naira increased from approximately N1600/$, when it closed yesterday, to N1500/$ (some sources quoted N1550/$1) if they are to sell to you.
But they purchase at N1400/$1, which enables them to profit from a spread of N100/$1.
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Tuesday saw the greatest naira trade since March 4th, when it closed at N1534/$1, when the official market’s exchange rate dropped to N1,560/$1.
According to Nigeria Central Bank, there has been a substantial inflow of foreign exchange in the last month, with remittances from Nigeria’s diaspora reaching $1.3 billion in February—a fourfold increase—from barely $300 million in the month before.
