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The naira has strengthened against the dollar for the second consecutive day at the foreign exchange market.
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According to FMDQ data, the naira appreciated to N1,510.72 against the dollar, gaining N11.58.
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The appreciation follows the Central Bank of Nigeria’s announcement of a new FX Code.
The naira has continued its upward trend against the dollar, appreciating for the second consecutive day at the foreign exchange market.
According to data from FMDQ, the naira strengthened to N1,510.72 against the dollar on Wednesday, up from N1,522.28 on Tuesday, gaining N11.58
Similarly, on the black market, the naira fell to N1,623 against the dollar on Wednesday, down from N1,625 traded on Tuesday.
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The recent appreciation of the naira follows the Central Bank of Nigeria’s announcement on Tuesday of a new FX Code.
It is worth noting that the naira also appreciated against the dollar on Tuesday. The new FX Code is expected to promote transparency and stability in the foreign exchange market.
Naira Strengthens Against Dollar In Parallel, Official Markets
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.
