Business
Naira Records Strongest Gain of the Week Against Dollar on Official Market
The naira posted its strongest performance of the week against the US dollar at the official foreign exchange market on Wednesday, as data from the Central Bank of Nigeria revealed a closing rate of N1,596.68 per dollar—up from N1,599.70 on Tuesday. This marks a notable day-on-day gain of N3.02, a sharp contrast to Tuesday’s modest appreciation of just 20 kobo.
However, the momentum did not extend to the parallel market, where the naira slipped slightly. On Wednesday, it traded at N1,608 per dollar, a depreciation of N3 from the previous day’s rate of N1,605. A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, confirmed, “We bought at N1,602 per dollar and sell at N1,608.”
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