Naira appreciates massively against US dollar in the black market, highest in 15 months

The naira appreciated massively against the United Statesdollar at the parallel foreign exchange market. Abubakar Alhasan, a Bureau De Change operator in Wuse Zone,Abuja, told DAILY POST that the Naira strengthened significantly to N1,490 perdollar on Wednesday, up from N1,520 on Tuesday. “We buy at N1480 and sell at N1490 on Wednesday due to lowerFX demand,” Alhasan confirmed. This means that the Naira gained N30 against the dollar on aday-to-day basis. The last time they were exchanged at this level in the blackmarket was in June 2024. Meanwhile, at the official market, it dropped marginally byN1.19 to N1,488.56 per dollar on Wednesday, down from N1,487.37, according todata from the Central Bank of Nigeria. Analysing the trend at both markets, the difference betweenofficial and parallel markets has shrunk to 1.44. Recall that on Tuesday, the Naira appreciated acrossofficial and parallel foreign exchange markets upon an interest rate cut by theapex bank by 50 basis points to 27 per cent.

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