The Naira gained value against the US dollar yesterday, appreciating to N1,493 per dollar in the official foreign exchange market.
According to data from the Central Bank of Nigeria (CBN), the exchange rate improved from N1,506 per dollar recorded on Wednesday, marking a N13 gain for the Naira. The currency had previously reached N1,400 per dollar in January and May 2024.
The recent appreciation follows the introduction of the CBN Foreign Exchange Code earlier this week, which has influenced the market positively.
In the parallel market, the Naira also strengthened, rising to N1,620 per dollar from N1,630 per dollar on Wednesday. However, the gap between the official and parallel market rates widened to N127 per dollar, up from N124 per dollar the previous day.