Parallel Market Sees Naira Strengthen to N1,350/$

Naira Strengthens to N1,350/$ in Parallel Market, Reflecting Positive TrendThe Nigerian naira experienced a notable appreciation, reaching N1,350 per dollar in the parallel market on Tuesday, up from N1,430 per dollar on Monday.Similarly, in the Nigerian Foreign Exchange Market (NAFEM), the naira appreciated to N1,382.95 per dollar. Data from FMDQ indicated a decline in the indicative exchange rate for NAFEM to N1,382.95 per dollar from N1,408.04 per dollar on Monday, marking a N25.09 appreciation for the naira.Consequently, the margin between the parallel market rate and NAFEM widened to N32.95 per dollar from N21.96 per dollar on Monday. Over the past month, the Nigerian naira has surged by 18.28 percent, reaching N1,408.04 on Monday, up from its low of N1,665.50 recorded on February 23, 2024, as per data from the FMDQ Securities Exchange.This recent appreciation can be attributed to foreign exchange reforms by the Central Bank of Nigeria (CBN), including consolidation of exchange rate windows, liberalization of the FX market, resolution of FX backlog obligations, and various other measures aimed at promoting market stability and transparency.”