Naira strengthens to N1,493 per dollar in official market

The Nigerian currency, Naira, gained value in the official foreign exchange market yesterday, appreciating to N1,493 per US dollar, according to data from the Central Bank of Nigeria (CBN).

Figures from the Nigerian Foreign Exchange Market (NFEM) revealed that the exchange rate improved from N1,506 per dollar on Wednesday, marking a N13 increase for the local currency.

The official exchange rate previously hit the N1,400 per dollar mark in both January and May 2024. The recent strengthening of the Naira comes in the wake of the CBN’s newly introduced Foreign Exchange Code, which was launched this week.

Similarly, in the parallel market, the Naira appreciated to N1,620 per dollar, up from N1,630 per dollar on Wednesday. As a result, the gap between the parallel market rate and the NFEM rate widened to N127 per dollar, compared to N124 per dollar the previous day.