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NAIRA GAINS STRENGTH, TRADES AT ₦1,525/$ IN PARALLEL MARKET
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The Naira recorded a slight gain on Tuesday, appreciating in both the parallel market and the Nigerian Foreign Exchange Market (NFEM).
In the parallel market, the local currency rose to ₦1,525 per dollar, improving from ₦1,530/$ recorded on Monday.
Similarly, data published by the Central Bank of Nigeria (CBN) showed that the Naira appreciated to ₦1,506.5 per dollar in the NFEM, compared to ₦1,513/$ the previous day. This marks a gain of ₦6.5 for the currency.
However, the gap between the official NFEM rate and the parallel market widened slightly, moving from ₦17 to ₦18.5 per dollar.
Analysts note that while the improvement is modest, it signals market resilience amid ongoing pressures on the Nigerian economy.
"This represents a significant development in our ongoing coverage of current events."— Editorial Board