Business
Naira Strengthens Against Dollar in Parallel Market
The Naira appreciated against the US dollar in the parallel market on Monday, reflecting a modest gain in value. Currency traders in Wuse Zone 4, Abuja, confirmed that the Naira traded at ₦1,650 per dollar, an improvement from the ₦1,660 rate recorded last Friday. This marks a ₦10 gain against the dollar compared to last week’s close.
However, in the official market, the Naira experienced a slight decline. Data from FMDQ indicated that the currency weakened to ₦1,533.63 per dollar on Monday, compared to ₦1,531.20 last Friday, reflecting a ₦2.43 drop.
The Naira has seen fluctuating movements in recent months, influenced by ongoing efforts from the Central Bank of Nigeria to stabilize the exchange rate.
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