The Naira strengthened against the U.S. dollar in the parallel foreign exchange market on Wednesday, trading at N1,560 per dollar, an improvement from N1,570 recorded on Monday and Tuesday.
A Bureau de Change operator in Wuse Zone 4, Abubakar Alhasan, confirmed the development, noting that the currency appreciated by N10 per dollar on a day-to-day basis.
However, at the official foreign exchange market, the Naira depreciated, dropping to N1,537.62 per dollar on Wednesday from N1,532.39 on Tuesday, according to data from the Central Bank of Nigeria (CBN). This represents a loss of N5.23 at the regulated market.
The contrasting movements in the currency’s value come amid renewed efforts by the CBN to stabilize the foreign exchange market. The apex bank’s governor recently reiterated his commitment to eliminating bad actors disrupting the FX sector.
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