NAIRA APPRECIATES IN BOTH OFFICIAL AND PARALLEL MARKETS
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By Aishat Momoh. O.
The naira recorded gains against the US dollar in both the parallel market and the Nigerian Foreign Exchange Market (NFEM) on Wednesday, reflecting continued efforts to stabilise the local currency.
In the parallel market, the naira appreciated to N1,615 per dollar, improving from N1,620 per dollar recorded on Tuesday. Similarly, the official exchange rate in the NFEM saw the naira strengthen to N1,583 per dollar, compared to N1,588.5 per dollar the previous day, marking a gain of N5.5.
Data released by the Central Bank of Nigeria (CBN) confirmed the movement, indicating renewed confidence in the foreign exchange market.
Despite the positive trend, the gap between the official and parallel market rates slightly widened, with the margin increasing to N32 per dollar from N31.5 per dollar on Tuesday.
The recent appreciation follows a series of monetary interventions by the CBN aimed at enhancing liquidity and narrowing the disparity between official and unofficial exchange rates.
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