Naira appreciates to N695/$ at parallel market

The naira, on Monday, appreciated to N695 against the US dollar at the parallel section of the foreign exchange market, according to data from Aboki Forex.

The figure represents a gain of N12 or 1.7 percent compared to the N707 it traded last week.

The platform put the buying price of the dollar at N690 and the selling price at N695, leaving a profit margin of N10.

According to BDC operators, the appreciation in the value of the naira to the adequate availability of dollars in the market to meet demand.