Naira Strengthens Against Dollar In Parallel, Official Markets

• The Nigerian naira has appreciated significantly against the US dollar in both parallel and official foreign exchange markets.

• It gained N25 against the dollar on the black market, closing at N1,625 on Tuesday.

  The Central Bank of Nigeria’s release of the FX Code on Monday contributed to the naira’s bullish run.

The Nigerian currency, the naira, appreciated significantly against the US dollar in both parallel and official foreign exchange markets on Tuesday.

On the black market, the naira edged the dollar to close at N1,625 on Tuesday, compared to N1,650 exchanged on Monday.

READ ALSO: Naira Appreciates Against Dollar in Official Market

This showed that the naira firmed up by N25 against the dollar. “We buy at N1,620 and sell at N1,625 on Tuesday,” a Bureau de Change operator at Wuse Zone 4, Abuja, Abubakar Alhasan, told newsmen.

Similarly, on the official market, the naira strengthened to N1,522.28 per dollar from N1,533.63 traded on Monday.

This indicated a gain of N11. The bullish run of the naira in the past 24 hours comes as the Central Bank of Nigeria on Monday released the FX Code.

Naira Appreciates Against Dollar At Black Market, Gains N10

The Naira strengthened against the dollar at the parallel exchange market on Monday, gaining N10 against the dollar.

According to Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, the Naira appreciated to N1650 per dollar on Monday from N1660 recorded on Friday last week.

Continue Reading Here