Business

See the Current Value of Naira, As Naira Strengthens Against Dollar in Both Official and Parallel Markets

Published by Tope Fakinlede on December 13th, 2024.

See the Current Value of Naira, As Naira Strengthens Against Dollar in Both Official and Parallel Markets

Naira and Dollars

The naira saw a gain against the US dollar on Thursday, appreciating in both the official and black markets.

As per data from the Central Bank of Nigeria (CBN), the official exchange rate improved to N1,532 per dollar, up from N1,545 on Wednesday.

In a similar trend, data from FMDQ revealed that the naira strengthened to N1,534.35 per dollar on Thursday, compared to the previous day’s rate of N1,549.29, marking a rise of N14.94.

In the parallel market, the naira also showed improvement, trading between N1,640 and N1,680 per dollar, down from N1,710 on Wednesday, as reported by Abubakar Alhassan, a Bureau de Change operator in Wuse 4, Abuja.

The currency has experienced notable fluctuations throughout the week, a trend linked to the recent launch of the Electronic Foreign Exchange Matching System (EFEMS) by the CBN, designed to enhance transparency in foreign exchange transactions.