NAIRA APPRECIATES TO N1,487/$ IN PARALLEL MARKET, N1,447/$ AT OFFICIAL WINDOW
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The Naira on Tuesday appreciated to N1,487 per dollar in the parallel market, gaining ₦4 from ₦1,491 per dollar recorded on Monday.
Similarly, data from the Central Bank of Nigeria (CBN) revealed that the local currency strengthened in the Nigerian Foreign Exchange Market (NFEM), appreciating to ₦1,447 per dollar from ₦1,452.5 per dollar on Monday a gain of ₦5.5.
With the latest movement, the exchange rate gap between the official and parallel markets widened to ₦40 per dollar, compared to ₦38.5 per dollar the previous day.
The appreciation comes amid renewed efforts by monetary authorities to stabilize the foreign exchange market and boost dollar liquidity through policy interventions and improved market transparency.
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