Naira Gains Strength, Trades at N1,493/$ in Official Market

The Nigerian Naira has appreciated to N1,493 per dollar in the official foreign exchange market, marking a gain against the previous exchange rate of N1,506 per dollar recorded on Wednesday. This represents an improvement of N13 in the value of the local currency.

Data released by the Central Bank of Nigeria (CBN) confirmed this positive movement in the Nigerian Foreign Exchange Market (NFEM). The Naira had previously reached the N1,400 per dollar level in both January and May 2024, showing fluctuations in its value over time.

The recent appreciation follows the introduction of the CBN Foreign Exchange Code earlier this week. The new code is part of efforts by the apex bank to stabilize the foreign exchange market and improve liquidity. Market analysts believe this development has contributed to the strengthening of the Naira.

In the parallel market, the Naira also gained value, rising to N1,620 per dollar compared to N1,630 per dollar on Wednesday. Despite the improvement, the gap between the parallel market and the official NFEM rate widened slightly to N127 per dollar from N124 per dollar the previous day.

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