The Naira appreciated to N1,493 per dollar in the official foreign exchange market on Thursday, gaining N13 from its previous rate of N1,506 per dollar on Wednesday, according to data from the Central Bank of Nigeria (CBN).
This marks a continued upward trend in the currency’s value, following the launch of the CBN Foreign Exchange Code earlier this week. The official exchange rate had previously touched the N1,400 per dollar level in January and May 2024.
Similarly, the parallel market saw the Naira strengthen to N1,620 per dollar, improving from N1,630 per dollar on Wednesday. However, the gap between the official and parallel market rates widened slightly to N127 per dollar, compared to N124 per dollar the previous day.
