The naira has recorded steady appreciation over the past 21 days, reflecting increased stability in Nigeria’s foreign exchange market.
Precisely, on the parallel market, some FX dealers in Lagos traded the naira at N1,490/$, yesterday, while on the official Nigerian Foreign Exchange Market (NFEM) the naira exchange rate against the dollar closed at N1,502/$.
On the parallel market, the naira exchange rate has significantly appreciated comparing the N1,620/$ it was at the beginning of this month to N1,490/$ yesterday, signalling a N130 gain so far this month. However, on the official FX market the naira which stood at N1,477.9/$ on January 31, closed yesterday at N1,502 to a dollar.
(Thisday)