The Nigerian Naira continued its recovery yesterday, appreciating to ₦1,450 per dollar in the parallel market, up from ₦1,455 per dollar on Tuesday.
The local currency also recorded its third straight day of gains in the Nigerian Foreign Exchange Market (NFEM), strengthening to ₦1,359 per dollar.
Central Bank of Nigeria (CBN) data showed that the indicative exchange rate for the Naira fell to ₦1,359 per dollar from ₦1,367 per dollar on Tuesday, marking an ₦8 appreciation. As a result, the gap between the parallel and official market rates widened slightly to ₦91 per dollar, compared with ₦88 per dollar the previous day.
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The sustained recovery reflects improved liquidity and market confidence, providing some relief for businesses and individuals involved in foreign exchange transactions.
