Nigeria News
Naira appreciates against dollar, trades at N1,449 in black market
The Naira strengthened on Wednesday, appreciating to N1,449 per dollar in the parallel market, compared to N1,457 per dollar recorded on Tuesday.
Similarly, at the Nigerian Foreign Exchange Market (NFEM), the local currency rose to N1,440 per dollar, reflecting improved performance across both official and unofficial trading windows.
According to data published by the Central Bank of Nigeria (CBN), the official exchange rate closed at N1,440 per dollar, up from N1,441.75 per dollar the previous day — an appreciation of N1.75.
Consequently, the rate gap between the parallel market and NFEM narrowed to N9 per dollar, down from N15.25 per dollar on Tuesday, indicating stronger convergence between the two markets.
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