The Naira strengthened to N1,493 in the official foreign exchange market on Thursday.
Data from the Central Bank of Nigeria (CBN) revealed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) decreased to N1,493 per dollar from N1,506 per dollar on Wednesday, marking a N13 appreciation for the Naira.
Earlier in January and May 2024, the official exchange rate had briefly hit the N1,400 per dollar mark.
The official exchange rate has been rising since the introduction of the CBN Foreign Exchange Code earlier this week.
In contrast, the Naira appreciated in the parallel market, reaching N1,620 from N1,630 per dollar on Wednesday. As a result, the gap between the parallel market and the NFEM rate grew to N127 per dollar, up from N124 per dollar the previous day.
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