NAIRA APPRECIATES SIGNIFICANTLY AGAINST DOLLAR ACROSS MARKETS
By Olayiwola Ibrahim // The Nigerian naira witnessed a significant appreciation against the US dollar in both the parallel and official foreign exchange markets on Tuesday.
In the black market, the naira strengthened to close at N1,625 per dollar, improving from N1,650 recorded on Monday.
This represents a N25 gain against the dollar.
We are buying at N1,620 and selling at N1,625 today, said Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja.
Similarly, in the official market, the naira firmed up to N1,522.28 per dollar, up from N1,533.63 traded on Monday, marking a gain of N11.
The bullish performance of the naira over the past 24 hours follows the Central Bank of Nigeria’s release of the FX Code on Monday, a move analysts suggest may have bolstered market confidence.
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