NAIRA APPRECIATES TO N1,375/$ IN PARALLEL MARKET, N1,328/$ OFFICIAL
Read Time:50 Second
By Aishat Momoh. O.
The naira appreciated further against the United States dollar on Wednesday, closing at N1,375 per dollar in the parallel market, compared with N1,383 recorded on Tuesday.
Similarly, the local currency strengthened to N1,328 per dollar in the Nigerian Foreign Exchange Market.
Data from the Central Bank of Nigeria showed that the indicative exchange rate for the naira fell to N1,328 per dollar from N1,331 on Tuesday, representing a N3 appreciation.
Consequently, the gap between the parallel and official markets narrowed to N47 per dollar from N52 recorded on Tuesday.
Meanwhile, turnover in the NFEM rose by 181.5 per cent to $279.2m from $99.2m recorded on Tuesday.
The country’s external reserves have also continued to rise, reaching $54.674bn as of September 17, a development expected to support the naira.
The developments have strengthened the outlook for the naira, with prospects of further appreciation in both the parallel and official markets in the coming weeks.
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0