The Naira, yesterday, appreciated N1,080 per dollar in the parallel market, from N1,230 per dollar last weekend.
Also, the Naira appreciatef in the Nigerian Foreign Exchange Market, NAFEM, to N1,136.04 per dollar.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,136.04 per dollar from N1,143.38 per dollar last week Friday, indicating N7.34 appreciation for the naira.
Consequently, the margin you between the parallel market and NAFEM rates narrowed to N56.04 per dollar from N86.62 per dollar last Friday.
At the FMDQ Exchange, a platform that oversees official foreign exchange (FX) trading in Nigeria, the local currency rose by 5.72 percent or N69.02 to N1,136.04/$ on Monday — from N1,205.06/$ on April 12.
On April 11, the presidency said President Bola Tinubu’s multi-faceted approach to eliminating foreign exchange (FX) racketeering is strengthening the naira against global currencies.
In a statement on Wednesday, Ajuri Ngelale, special adviser to the president on media, said the country’s financial position will improve, leading to the possibility of Nigerians experiencing a stronger naira and a decrease in the prices of goods.
