The Naira has continued its appreciation streak against the dollar at the parallel foreign exchange market.
This comes as the Naira strengthened to N1,500 against the dollar in the black market on Thursday from N1,505 exchanged on Wednesday.
A Bureau de Change operator in Wuse Zone 4, Abubakar Alhasan, told Media Talk Africa that “dollars are sold at a minimum rate of N1,500 per dollar on Thursday from N1,505 the previous day.”.
This showed that the Naira gained N5 against the dollar compared to N1505 traded on Wednesday.
Media Talk Africa reports that the Naira has maintained sustained appreciation at the parallel FX market.
Meanwhile, at the official market, the Naira stood at N1,509.03 per dollar as of Wednesday from N1,507.2 traded on Tuesday this week, according to the Central Bank of Nigeria’s official data.
The rate across FX markets showed that the discrepancy or difference has been eroded, resulting in FX rate convergence.
Nigeria benchmarked its N54.9 trillion 2025 annual budget yet to be signed by President Bola Ahmed Tinubu at N1500 per dollar mark.
This is also as the CBN Monetary Policy Committee agreed to pause interest hikes in Nigeria.
