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Naira continues to appreciate the dollar on the parallel forex markets.
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Naira rose to 1,500 n5 in the black market on Thursday, gaining N5 from 1,505 n5 on Wednesday.
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This continued appreciation led to the FX rate convergence across the market, with the official market interest rate as of Wednesday at 1,509.03 per dollar.
Naira continues to appreciate the US dollar in the parallel forex markets.
According to Abubakar Alhasan, a change operator in the Wuse 4 area, “the lowest price for the dollar is N1,505 the day before.”
This is the N5’s gain compared to the N1,505 traded on Wednesday.
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Naira maintains continued appreciation in the parallel FX market, where FX rates merge throughout the market.
According to official data from the Nigerian Central Bank, Naira’s price per USD 1,509.03 was N1,507.2 shares as of Wednesday’s official market.
Continuous appreciation is related to the efforts of the Central Bank of Nigeria to stabilize the foreign exchange market.
Naira violates USD in parallel markets amid CBN reform
Nigerian Naira has a good exchange rate against the US dollar in parallel forex markets at the cycle fair, due to rising market sentiment in the Nigerian capital market.
Currency traders exchanged naira at an average rate of N1,515 on Wednesday, above N1,520/$, which is the gain of N5 in a day.
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