Naira Records Significant Gain in Official Market

The Naira appreciated to N1,493 per dollar in the official foreign exchange market, according to data published by the Central Bank of Nigeria (CBN). This marks a gain of N13 from Wednesday’s rate of N1,506 per dollar.

The strengthening of the Naira follows the implementation of the CBN Foreign Exchange Code earlier this week, which has contributed to a steady upward trend in the currency’s value. Earlier in 2024, the official exchange rate briefly touched the N1,400 per dollar level in both January and May.

In the parallel market, the Naira also appreciated, reaching N1,620 per dollar from N1,630 per dollar on Wednesday. Despite this, the gap between the official and parallel market rates widened slightly to N127 per dollar, up from N124 the previous day.