Naira value rises sharply against US dollar, reaching its highest level in 15 months.
At the parallel foreign exchange market, the value of the naira significantly increased in relation to the US dollar.
The Naira increased sharply to N1,490 per dollar on Wednesday from N1,520 on Tuesday, according to Abubakar Alhasan, a Bureau De Change operator in Wuse Zone, Abuja, who spoke to NewsWatch.
Alhasan told NewsWatch, “We buy at N1480 and sell at N1490 on Wednesday due to lower FX demand.”
This indicates a daily gain of N30 for the Naira relative to the US dollar.
They haven’t been traded on the illicit market at this level since June 2024.
According to data from the Central Bank of Nigeria, it fell slightly by N1.19 to N1,488.56 per dollar on Wednesday at the official market, from N1,487.37.
The gap between the official and parallel markets has decreased to 1.44 when the trend at both markets is examined.
Recall that the apex bank lowered interest rates by 50 basis points to 27% on Tuesday, which caused the Naira to strengthen on both the official and parallel foreign exchange markets.
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