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Naira appreciates, exchanges for N1400 against US dollar

 The naira on Wednesday exchanged for N1400 against the
United States, US, dollars in the parallel market.

 

Parallel market operators sold at N1400/$1 for holders of
dollars looking to sell, marking a significant strengthening of the naira.

 

Nairametrics indicated that the exchange rate has been
gaining lately as speculators start to dump their hoard of dollars following
waning demand.

 

On Tuesday, the Naira traded N1,560.57 per USD from
N1,572.82 on Monday.

 

This represents an N12 gain on a day-to-day basis. The
figure indicated a whooping N57.36 gain compared to N1,617.96 per USD traded
barely a week ago.

 

The Naira had maintained it below the N1,600 per USD mark
for the second day in a row, a threshold it had previously sustained for nine
days since March 5th, 2024.

 

At the parallel market, the Naira remained stable, trading
close to the N1,600 per dollar benchmark. The Nigerian currency saw a 0.50 per
cent appreciation against the USD on Tuesday, improving from the prior rate of
N1,608 per USD.

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