The naira appreciated massively against the United States dollar at the parallel foreign exchange market.
Abubakar Alhasan, a Bureau De Change operator in Wuse Zone, Abuja, told Newsmen that the Naira strengthened significantly to N1,490 per dollar on Wednesday, up from N1,520 on Tuesday.
“We buy at N1480 and sell at N1490 on Wednesday due to lower FX demand,” Alhasan confirmed.
This means that the Naira gained N30 against the dollar on a day-to-day basis.
The last time they were exchanged at this level in the black market was in June 2024.
Meanwhile, at the official market, it dropped marginally by N1.19 to N1,488.56 per dollar on Wednesday, down from N1,487.37, according to data from the Central Bank of Nigeria.
Analysing the trend at both markets, the difference between official and parallel markets has shrunk to 1.44.
DAILYPOST
