By Elizabeth Adegbesan
The naira yesterday appreciated to N1,350 per dollar in the parallel market from N1,430 per dollar on Monday.
Similarly, the naira yesterday appreciated to N1,382.95 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,382.95 per dollar from N1,408.04 per dollar on Monday, indicating N25.09 appreciation for the naira.
Consequently, the margin between the parallel market rate and NAFEM widened to N32.95 per dollar from N21.96 per dollar on Monday.
Over the past month, the Nigerian naira has surged by 18.28 percent to reach N1,408.04 on Monday, up from its low of N1,665.50 recorded on February 23, 2024, as per data compiled from the FMDQ Securities Exchange.
The recent appreciation of the naira against the dollar can be attributed to foreign exchange reforms implemented by the Central Bank of Nigeria (CBN).
Key reforms include the…
Source: Vanguard Newspaper
