Naira Extends Gain, Trades at N1,329.16/$ Ahead of Independence Day
By Aboki Forex —
The naira extended its appreciation against the dollar at the official foreign exchange market on Wednesday, ahead of the October 1 Independence Day holiday and the new month.
Central Bank of Nigeria data showed the naira strengthened to N1,329.16 per dollar on Wednesday from N1,330.47 on Tuesday. That is a gain of N1.31 against the dollar day on day.
Official market
The official market rate moved from N1,330.47 to N1,329.16, extending the naira's appreciation run.
Parallel market
At the black market, the naira remained unchanged at N1,375 per dollar, according to multiple Bureau de Change operators in Abuja. The parallel market rate stayed flat even as the official market recorded a gain.
This left the naira trading with mixed sentiments across the foreign exchange markets on Wednesday, ahead of the October 1 Independence Day holiday and the new month.
External reserves
Nigeria's external reserves stood at $54.92 billion.
The gap between the official rate of N1,329.16 and the parallel rate of N1,375 is about N45.84 per dollar. That spread remains important for importers, travellers and businesses sourcing foreign exchange outside official channels.