The Naira appreciated to N1,493 per dollar in the official foreign exchange market yesterday.
Data from the Central Bank of Nigeria (CBN) showed that the exchange rate in the Nigerian Foreign Exchange Market (NFEM) dropped to N1,493 per dollar from N1,506 per dollar on Wednesday, marking a N13 gain for the Naira.
The official exchange rate previously reached the N1,400 per dollar level in January and May 2024. The recent appreciation follows the launch of the CBN Foreign Exchange Code this week.
Similarly, the Naira strengthened in the parallel market, rising to N1,620 per dollar from N1,630 per dollar on Wednesday.
As a result, the gap between the parallel market and the NFEM rate widened to N127 per dollar from N124 per dollar on Wednesday.
