Naira gains significantly against dollar on black market

The naira firmed up significantly against the dollar at parallel foreign exchange markets on Wednesday.

A Bureau de Change operator, Abubakar Alhassan, told Media Talk Africa that the rate appreciated to N1,660 per dollar on Wednesday from N1,675 exchanged on Tuesday.

This showed that on parallel market, the naira gained a significant N15 against the dollar compared to N1, 675 traded the previous day.

Similarly, at the official market, the naira closed at N1, 552.58 per dollar on Wednesday, a slight appreciation from N1, 552.78 traded on Tuesday.

The development comes as the Central Bank of Nigeria on Wednesday approved the release of FX code.