See Exchange Rate Tonight, As Naira Appreciates At Parallel Market

Naira has appreciated at the parallel market, reflecting the Central Bank of Nigeria’s ongoing efforts to stabilize the currency.

At the parallel market, the naira strengthened to about 1,552/$ from 1,660 in the previous week, and players in the segment put the appreciation down to improved investor confidence.

At the official Nigerian foreign exchange market, the naira faced ongoing demand pressure.

According to the Meristem weekly report, the naira depreciated by 0.54 per cent week-on-week to 1509.70/$ from 1,501.61/$.

The President of the Association of Bureau De Change Operators, Aminu Gwadebe expressed optimism about the appreciation of the naira.