The Naira appreciated to N1,493 per dollar in the official foreign exchange market yesterday, gaining N13 from its previous rate of N1,506/$ on Wednesday, according to data from the Central Bank of Nigeria (CBN).
The official exchange rate previously hit the N1,400/$ threshold in January and May 2024 and has been on an upward trend following the launch of the CBN Foreign Exchange Code this week.
In the parallel market, the Naira also strengthened to N1,620/$, improving from N1,630/$ on Wednesday.
However, the gap between the official and parallel market rates widened to N127 per dollar, up from N124/$ the previous day.
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