Naira Appreciates to ₦1,555/$ in Parallel Market

The Nigerian naira has strengthened in the parallel market, appreciating to ₦1,555 per US dollar from ₦1,560 last weekend. This marks a positive shift in the currency’s value against the dollar.

In the official Nigerian Foreign Exchange Market (NFEM), the naira also saw improvement, rising to ₦1,533.8 per dollar from ₦1,535.5.

This indicates a ₦1.7 appreciation, narrowing the gap between the parallel and official exchange rates to ₦21.2 from ₦24.5 previously.

These developments suggest a gradual stabilisation of the naira’s value in both markets.