Naira Records Highest Gain Against Dollar at Official Market
Currency Strengthens for Second Consecutive Day
The Nigerian naira continued its upward trend against the US dollar in the official foreign exchange market on Wednesday, marking its strongest performance this week according to Central Bank of Nigeria data.
Video credit to: News Central TV
Official Market Performance
The naira appreciated to N1,596.68 per dollar on Wednesday, showing a significant gain of N3.02 from Tuesday’s rate of N1,599.70. This improvement follows Tuesday’s modest gain of just N0.20, indicating accelerating positive momentum in the official market.
Parallel Market Movement
Contrasting with the official market’s performance, the naira experienced a slight depreciation in the parallel market. Bureau de Change operators reported the currency traded at N1,608 per dollar on Wednesday, down from N1,605 the previous day.
Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, confirmed: “We bought at N1,602 per dollar and sell at N1,608.” This represents a N3 decline from Tuesday’s closing rate.
Source: Daily Post Nigeria
