Naira appreciates against dollar in parallel market

The Nigerian Naira appreciated in both the parallel and official foreign exchange markets on Wednesday.

In the parallel market, the Naira strengthened to ₦1,630 per dollar, improving from ₦1,640 per dollar on Tuesday.

Similarly, the official exchange rate recorded an appreciation as the Naira traded at ₦1,507 per dollar, compared to ₦1,520 per dollar the previous day.

This represents a ₦12.7 gain for the Naira, according to data published by the Central Bank of Nigeria (CBN).

As a result, the margin between the parallel market and the official rate widened to ₦122.7 per dollar from ₦120 per dollar on Tuesday.

The recent appreciation may signal a positive market response to ongoing financial policies.

However, analysts advise close monitoring of foreign exchange dynamics as Nigeria continues its efforts to stabilize the Naira amidst global economic challenges.