Naira Strengthens to N1,350/$ in Parallel Market
The Nigerian naira experienced a positive turn as it appreciated to N1,350 per dollar in the parallel market yesterday, up from N1,430 per dollar on Monday. Additionally, in the Nigerian Foreign Exchange Market (NAFEM), the naira strengthened to N1,382.95 per dollar, marking a significant improvement from the previous rate of N1,408.04 per dollar.
Data from FMDQ revealed the encouraging shift, indicating a N25.09 appreciation for the naira in the NAFEM. This development widened the margin between the parallel market rate and NAFEM to N32.95 per dollar, up from N21.96 per dollar recorded on Monday. The positive movement signals a potential boost in confidence in the Nigerian currency among traders and investors.
