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The Naira has continued to appreciate against the dollar at the parallel foreign exchange market.
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On Thursday, the Naira strengthened to N1,500 against the dollar in the black market, gaining N5 from N1,505 traded on Wednesday.
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This sustained appreciation has led to a convergence of FX rates across markets, with the official market rate standing at N1,509.03 per dollar as of Wednesday.
The Naira has continued its appreciation streak against the dollar at the parallel foreign exchange market.
According to a Bureau de Change operator in Wuse Zone 4, Abubakar Alhasan, “dollars are sold at a minimum rate of N1,500 per dollar on Thursday from N1,505 the previous day.”
This represents a gain of N5 against the dollar compared to N1,505 traded on Wednesday.
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The Naira has maintained sustained appreciation at the parallel FX market, with a convergence of FX rates across markets.
At the official market, the Naira stood at N1,509.03 per dollar as of Wednesday, from N1,507.2 traded on Tuesday, according to the Central Bank of Nigeria’s official data.
The sustained appreciation has been linked to the Central Bank of Nigeria’s efforts to stabilize the foreign exchange market.
Naira Gains Against Dollar in Parallel Market Amid CBN Reforms
The Nigerian naira posted decent gains against the American dollar on the parallel foreign exchange market during the mid-week trading session, amid ongoing improved market sentiments in Nigeria’s capital market.
Currency traders exchanged the naira at an average rate of N1,515 on Wednesday, up from N1,520/$, representing a gain of N5 within a single day.