Economy
Naira Strengthens Against the Dollar, Hits N1,300/$ in Parallel Market
The Nigerian naira showcased resilience by appreciating to N1,300 per dollar in the parallel market, marking a notable improvement from the N1,350 per dollar recorded on Wednesday. Simultaneously, the official Nigerian Foreign Exchange Market (NAFEM) saw the naira strengthen, reaching N902.08 per dollar.
Data obtained from FMDQ revealed that the indicative exchange rate for NAFEM experienced a significant drop, falling to N902.08 per dollar from N931.23 per dollar on the preceding Wednesday. This shift indicates an impressive N29.15 appreciation for the national currency.
This positive momentum has led to a reduction in the gap between the official and parallel market exchange rates, narrowing down to N397.92 per dollar as of yesterday, compared to the N418.77 per dollar observed on Wednesday. The development has sparked optimism among market observers and stakeholders, reflecting the potential for further stability in the currency’s value.
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