The Naira recorded gains yesterday, trading at N1,460 per dollar in the parallel market, up from N1,470 per dollar on Monday. In the Nigerian Foreign Exchange Market (NFEM), the currency also appreciated, moving to N1,447 per dollar from N1,450 per dollar previously.
Data from the Central Bank of Nigeria (CBN) confirmed the N3 gain in the official market, reflecting a modest recovery in the nation’s currency. The improvement also narrowed the gap between the parallel and official rates to N13 per dollar, down from N20 per dollar at the start of the week. Analysts noted that this trend indicates growing stability and improved investor confidence in the foreign exchange market.
