Parallel market operators are quoting a buy price of N1400/$1 for holders of dollars looking to sell marking a significant strengthening on the naira.

Checks by Nairametrics indicate the exchange rate has been gaining lately as speculators start to dump their hoard of dollars following waning demand.

Multiple sources who operate in the parallel market revealed that the naira has risen from around N1600/$ which it closed yesterday to N1500/$ (some quoted N1550/$1) if they are to sell to you.

However, they buy at N1400/$1 allowing them to make a spread of N100/$1. A trader by the name of Musa who spoke to Nairametrics expressed happiness with the development stating that a stronger Naira was also good for their business.

Meanwhile, the exchange rate on the official market fell to N1,560/$1 on Tuesday the strongest the naira has traded since the 4th of March when it closed at N1534/$1.

Kaycee9242:
Wake me when it gets to 700 that Buhari left it, then we will rejoice when it gets to 260 that Apc met it

Kaycee9242:
Wake me when it gets to 700 that Buhari left it, then we will rejoice when it gets to 260 that Apc met it

Kaycee9242:
Wake me when it gets to 700 that Buhari left it, then we will rejoice when it gets to 260 that Apc met it

Paraman:
Wicked Mallams

I'm in support of this their buying and selling method. A dollar will be sold for #3000 by the end of march gang in the mud.

Paraman:
Wicked Mallams

I'm in support of this their buying and selling method. A dollar will be sold for #3000 by the end of march gang in the mud.

seborrhic:
It was pure speculation that was driving that alarming slide and because of it,people were withholding their dollars,even Nigerians abroad and those they sent dollars down here,believing it was heading to 2k and even beyond when they would then release it.
Many even did it at the risk of not getting the essentials it was sent for.
Also some bought to hoard for same reasons.
Seeing now that it's been falling and fearing their dollars is relatively using value and may continue doing so,they are gradually releasing it,while still watching.
If it falls to say 1400 or even 1300,I foresee a panic dump of dollars into the market

predictor1:
#700 yes, but #260? Maybe you should go back to earning the same amount you earned before buhari came 9 years ago.

Kaycee9242:
Wake me when it gets to 700 that Buhari left it, then we will rejoice when it gets to 260 that Apc met it

Kaycee9242:
Wake me when it gets to 700 that Buhari left it, then we will rejoice when it gets to 260 that Apc met it