The Nigerian Naira saw an appreciation in the official foreign exchange market, rising to ₦1,493 per dollar, according to data released by the Central Bank of Nigeria (CBN).
This marks an increase from ₦1,506/$ recorded on Wednesday, reflecting a ₦13 gain against the US dollar.
The Naira’s value has fluctuated in recent months, reaching ₦1,400/$ at various points in January and May 2024.
However, the recent upward trend is attributed to the launch of the CBN Foreign Exchange Code earlier this week.
Similarly, the parallel market experienced a slight appreciation, with the Naira strengthening to ₦1,620/$ from ₦1,630/$ the previous day. As a result, the gap between the official exchange rate and the parallel market widened to ₦127/$, compared to ₦124/$ on Wednesday.
The continued stabilization efforts by the CBN and government policies are expected to influence the exchange rate in the coming weeks.
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