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Naira Rises To N1,493/$ In Official Market

The Naira strengthened to N1,493 per dollar in the official foreign exchange market yesterday.

Data from the Central Bank of Nigeria (CBN) showed that the Nigerian Foreign Exchange Market (NFEM) rate fell from N1,506 per dollar on Wednesday, marking a N13 gain for the Naira. Earlier in 2024, the official exchange rate briefly hit the N1,400 per dollar mark in January and May.

The currency’s appreciation follows the introduction of the CBN Foreign Exchange Code this week.

Similarly, the Naira appreciated in the parallel market, rising to N1,620 per dollar from N1,630 on Wednesday. As a result, the gap between the parallel market and NFEM rates widened to N127 per dollar from N124.

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