Naira rises to N1,387/$ in parallel market

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The naira appreciated to N1,387 per dollar in the parallel market on Tuesday, from N1,390 on Monday. It also gained ground in the official Nigerian Foreign Exchange Market, NFEM, trading at N1,322.9 per dollar.

Parallel market gain

Bureau de change operators quoted the naira at N1,387 per dollar, a marginal improvement of N3 from the previous day's rate of N1,390. The latest figure shows continued stability in the informal segment of the foreign exchange market.

NFEM performance

In the NFEM, the naira appreciated to N1,322.9 per dollar. This represents a stronger official rate compared with recent trading sessions, reflecting sustained dollar supply in the window.

The narrowing gap between the parallel market and NFEM rates signals improved forex market conditions. For Nigerian businesses and consumers, a firmer naira could help moderate import costs and ease pressure on domestic prices.

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