- Naira appreciates: The Naira appreciated to N1,640 per dollar in the parallel market.
- Official market rate: The Naira appreciated to N1,526.3 per dollar in the official foreign exchange market.
- Margin narrows: The margin between the parallel market and official market rates narrowed to N113.7 per dollar.
The Naira has appreciated in value, reaching N1,640 per dollar in the parallel market, up from N1,655 per dollar on Monday. Similarly, in the official foreign exchange market, the Naira appreciated to N1,526.3 per dollar, indicating a N7.2 appreciation .
This development has narrowed the margin between the parallel market and the Nigerian Foreign Exchange Market (NFEM) rate to N113.7 per dollar, down from N121.5 per dollar on Monday.
It’s worth noting that the Naira’s appreciation may be linked to the US dollar’s decline, which has been experiencing its largest weekly loss in over a year. The dollar’s decline is attributed to President Donald Trump’s hints at a more lenient approach to tariffs on China .
