The Nigerian naira experienced significant appreciation against the dollar in the parallel foreign exchange market on Wednesday.
According to Abubakar Alhassan, a Bureau de Change operator, the naira traded at N1,660 per dollar, improving from N1,675 recorded on Tuesday. This marks a gain of N15 in the parallel market.
Similarly, in the official market, the naira showed marginal improvement, closing at N1,552.58 per dollar on Wednesday compared to N1,552.78 traded the previous day.
CBN’s FX Code Release Boosts Confidence
The appreciation is attributed to renewed optimism following the Central Bank of Nigeria’s (CBN) approval of the release of the FX code on Wednesday. This development is expected to enhance transparency and confidence in Nigeria’s foreign exchange market.
The strengthening of the naira comes as a welcome development for businesses and consumers, signaling potential stability in the country’s currency amidst ongoing economic reforms.
