Business
Naira Strengthens Against Dollar in Parallel Market
The Nigerian naira recorded a significant gain against the US dollar in the parallel foreign exchange market on Wednesday, reflecting a positive shift in its value.
According to Bureau de Change operator Abubakar Alhassan, the naira appreciated to N1,660 per dollar, improving from the N1,675 rate recorded on Tuesday. This marks a notable N15 gain in a single day.
The official market also saw a slight improvement, with the naira closing at N1,552.58 per dollar on Wednesday, compared to N1,552.78 the previous day.
The appreciation follows the Central Bank of Nigeria’s approval of the release of an FX code, a move expected to influence market stability.
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