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FX: Naira Sustains Gains, Appreciates To N1,595/$

The Naira strengthened to N1,595 per dollar in the parallel market yesterday, up from N1,610 per dollar on Monday. This marks a N45 week-on-week (WoW) appreciation from N1,640 per dollar recorded last Tuesday.

In the official Nigerian Foreign Exchange Market (NFEM), the Naira remained stable at N1,499 per dollar yesterday, reflecting a N27.3 WoW gain from N1,526.3 per dollar last Tuesday.

As a result, the gap between the parallel market and NFEM rates narrowed to N96 per dollar, down from N113.7 per dollar a week ago.

The Naira has been on an upward trend since Thursday, January 23, when it appreciated to N1,665 per dollar in the parallel market from N1,670 per dollar on Wednesday, January 22.

Likewise, in the official market, the Naira strengthened to N1,548 per dollar on January 23, up from N1,553 per dollar the previous day.

Since then, the Naira has gained N75 in the parallel market and N54 in the official market.

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