Business
Naira Gains Strength, Appreciates to N1,725/$ in Parallel Market
The Nigerian naira appreciated to N1,725 per dollar on Tuesday in the parallel market, a modest gain from Monday’s rate of N1,730 per dollar.
In a similar trend, the naira also strengthened in the Nigerian Autonomous Foreign Exchange Market (NAFEM), appreciating to N1,630.45 per dollar from N1,670.65 on Monday. Data from FMDQ, a leading financial market infrastructure group in Nigeria, revealed this N40.2 appreciation, suggesting a shift in favor of the naira in response to current market conditions.
The naira’s recent movement reflects continued efforts to stabilize the currency amid fluctuating demand and supply dynamics in both formal and informal forex markets.
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