Business
Naira Strengthens to N1,490/$ in Parallel Market
The Naira appreciated to N1,490 per dollar in the parallel market on Wednesday, strengthening from N1,502 per dollar recorded on Tuesday.
Similarly, in the Nigerian Foreign Exchange Market (NFEM), the currency improved slightly, trading at N1,499.8 per dollar, according to data from FMDQ.
The indicative exchange rate published by FMDQ showed a marginal 20 kobo gain, as the rate dropped from N1,501/$ on Tuesday to N1,499.8/$ on Wednesday.
However, the gap between the parallel market and the official exchange rate widened to N9.8 per dollar, compared to 50 kobo the previous day.
The Naira’s recent movements come amid ongoing volatility in the foreign exchange market, with traders closely watching economic policies and forex liquidity levels.