Business
Naira Gains Momentum Against Dollar in Forex Markets
The naira continued its upward trend against the dollar on Tuesday, recording gains in both the official and parallel foreign exchange markets.
According to data from FMDQ, the naira appreciated to N1,544.05 per dollar in the official market, improving from the N1,545.10 rate recorded on Monday—a gain of N1.05.
Similarly, in the parallel market, the naira strengthened to N1,675 per dollar, up from N1,680 on Monday. This marks the second consecutive day of improvement for the Nigerian currency.
The development coincides with legislative action, as the Senate on Tuesday advanced a bill seeking to ban the use of foreign currencies, such as the dollar, in certain transactions. The bill has passed its first reading.
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