The Naira appreciated to N1,493 per dollar in the official foreign exchange market on Thursday, strengthening from N1,506 per dollar recorded on Wednesday. According to data from the Central Bank of Nigeria (CBN), this represents a gain of N13 for the local currency.

The official exchange rate previously hit the N1,400 per dollar mark in January and May 2024. Recent gains follow the launch of the CBN Foreign Exchange Code, which has influenced market dynamics positively.

Parallel Market Trends

In the parallel market, the Naira also appreciated, reaching N1,620 per dollar from N1,630 per dollar on Wednesday. Consequently, the gap between the official and parallel market rates widened to N127 per dollar from N124 the previous day.

The Naira’s appreciation reflects ongoing policy adjustments and market responses to the CBN’s recent interventions in the foreign exchange market.

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