Unbelievable: Naira Strengthens To Unexpected Hight Against US Dollar In Parallel Market

Unbelievable: Naira Strengthens To Unexpected Hight Against US Dollar In Parallel Market

The Naira saw a positive upturn in the parallel market, strengthening to ₦1,060 per dollar, compared to ₦1,105 per dollar recorded the previous day. However, reports indicate a contrasting trend in the Nigerian Foreign Exchange Market (NAFEM), where the Naira weakened to ₦1,154.08 per dollar……READ ALSO Tinubu, Dangote Applauded As Ex-Presidential Aide Reacts To Dollar To Naira Exchange Rate

Data from FMDQ revealed that the indicative exchange rate for NAFEM surged to ₦1,154.08 per dollar from ₦1,072.74 per dollar traded on Wednesday, marking a depreciation of ₦81.34 for the Naira. Consequently, the gap between the parallel market and NAFEM rates widened to ₦94.08 per dollar from ₦32.26 per dollar observed on Wednesday.

In another development, the Central Bank of Nigeria (CBN) refuted claims of selling Foreign Exchange (FX) to Bureau De Change (BDC) operators at the rate of N1,001/$1. The CBN clarified that the announcement of FX sale to BDCs at N1,001/$1 was false, emphasizing that BDCs are mandated to sell to eligible end users with a margin of not more than 1.5 percent above the buying cost. The apex bank urged Nigerians to verify information from its official website for authentic updates.

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