Naira Gains Strength, Now N1,409 to the Dollar

According to recent reports, the Nigerian naira has experienced a notable appreciation in value. On the parallel market, the naira was traded at N1,409 per dollar, marking an improvement from its previous value of N1,416 per dollar on Monday. Similarly, in the Nigerian Foreign Exchange Market, the naira appreciated to N1,374.5 per dollar. Data from the Central Bank of Nigeria revealed that the indicative exchange rate for the naira fell to N1,374.5 per dollar, signifying a N4 gain for the naira compared to the previous day's rate of N1,378.5 per dollar. This development has led to a narrowing of the margin between the parallel and official markets to N34.5 per dollar, down from N37.5 per dollar on Monday. Furthermore, the interbank turnover at the Nigerian Foreign Exchange Market increased by 21.2 percent to N322.7 million, up from N266.2 million on the previous day.