Business
Naira Continues to Appreciate Against Dollar, Surges in Both Official, Parallel Markets
The Naira continued its upward trajectory against the U.S. dollar on Thursday, with both the official and parallel markets showing gains. Data from the Central Bank of Nigeria (CBN) revealed that the Naira strengthened for the second consecutive day, trading at N1,601.82 per dollar, up from N1,602.30 on Wednesday. This represents a marginal increase of 0.48, which is an improvement over Wednesday’s N0.33 gain.
In the parallel market, the Naira also saw a boost, gaining N5 to trade at N1,610 per dollar, compared to N1,615 the previous day.
CBN Governor Olayemi Cardoso attributed this positive movement to the central bank’s recent policies aimed at reducing bottlenecks and increasing foreign exchange inflows into Nigeria. He made these remarks during a meeting with the Nigerian government delegation, led by Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and international investors at the ongoing Spring Meetings of the International Monetary Fund (IMF) and World Bank in Washington, D.C.