The Naira recorded an improvement in value yesterday, trading at N1,650 per dollar in the parallel market, a slight appreciation from the N1,655 rate recorded on Monday.
Similarly, the official foreign exchange market also witnessed a gain, with the Naira strengthening to N1,535 per dollar from N1,537 per dollar on Monday.
The N2 appreciation was confirmed in data published by the Central Bank of Nigeria (CBN).
The narrowing of the exchange rate gap between the parallel market and the Nigerian Foreign Exchange Market (NFEM) was notable, with the margin reducing to N115 per dollar from Monday’s N118 per dollar.
Tribune Online reports that President Tinubu in his New Year address to Nigerians admitted the development saying, “Foreign reserves have risen, and the naira has strengthened against the US dollar, bringing greater stability
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Naira strengthens at official, parallel markets on increased dollar supply
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