See Exchange Rate Tonight As Naira Appreciates At Official Market

Naira appreciated by 0.16 percent to 1530.52/$ from 1532.93/$ in the previous trading session on the Nigerian Foreign Exchange Market at the close of trading.

Data from the Central Bank of Nigeria revealed that the naira traded as high as 1545/$ and the lowest rate of 1500/$, which was lower than the previous day.

At the parallel market, naira remained unchanged at 1,585.00/$, thus widening the spread for speculative traders.

Analysts reported that the gap between official and parallel market rates has narrowed to about 3.07 percent from 3.40 percent at the beginning of the week.

Although the naira depreciated slightly, analysts suggest the market is stabilizing due to structural reforms and increased forex inflows.