The naira appreciated massively against the United States
dollar at the parallel foreign exchange market.
Abubakar Alhasan, a Bureau De Change operator in Wuse Zone,
Abuja, told DAILY POST that the Naira strengthened significantly to N1,490 per
dollar on Wednesday, up from N1,520 on Tuesday.
“We buy at N1480 and sell at N1490 on Wednesday due to lower FX demand,” Alhasan confirmed.
This means that the Naira gained N30 against the dollar on a
day-to-day basis.
The last time they were exchanged at this level in the black
market was in June 2024.
Meanwhile, at the official market, it dropped marginally by
N1.19 to N1,488.56 per dollar on Wednesday, down from N1,487.37, according to
data from the Central Bank of Nigeria.
Analysing the trend at both markets, the difference between
official and parallel markets has shrunk to 1.44.
Recall that on Tuesday, the Naira appreciated across
official and parallel foreign exchange markets upon an interest rate cut by the
apex bank by 50 basis points to 27 per cent.
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