The Naira appreciated to N1,493 in the official foreign exchange market on Thursday.
Data from the Central Bank of Nigeria (CBN) shows that the exchange rate in the Nigerian Foreign Exchange Market (NFEM) improved from N1,506 per dollar on Wednesday, reflecting a gain of N13.
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The official exchange rate previously reached the N1,400 per dollar mark in January and May 2024. Its recent appreciation is attributed to the launch of the CBN Foreign Exchange Code earlier this week.
In the parallel market, the Naira also strengthened, rising to N1,620 per dollar from N1,630 on Wednesday. This development widened the gap between the parallel market and NFEM rates to N127 per dollar, compared to N124 the previous day.