The naira yesterday appreciated against the United States dollar in both the parallel market and the official Nigerian Foreign Exchange Market (NFEM), recording small but notable gains as traders and financial analysts continued to monitor market trends.
In the parallel market, the local currency moved to N1,615 per dollar, a slight improvement from the N1,620 it was traded for on Tuesday. This marks a N5 gain in just a day, showing mild stability after days of fluctuation.
Meanwhile, in the official Nigerian Foreign Exchange Market, the naira also gained strength. According to the Central Bank of Nigeria (CBN), the exchange rate improved to N1,564 per dollar. This is an increase from Tuesday’s N1,579 rate, showing a N15 appreciation.
