Naira appreciates, exchanges for N1400 against US dollar

The naira on Wednesday exchanged for N1400 against the United States, US, dollars in the parallel market.

Parallel market operators sold at N1400/$1 for holders of dollars looking to sell, marking a significant strengthening of the naira.

Nairametrics indicated that the exchange rate has been gaining lately as speculators start to dump their hoard of dollars following waning demand.

On Tuesday, the Naira traded N1,560.57 per USD from N1,572.82 on Monday.

This represents an N12 gain on a day-to-day basis. The figure indicated a whooping N57.36 gain compared to N1,617.96 per USD traded barely a week ago.

The Naira had maintained it below the N1,600 per USD mark for the second day in a row, a threshold it had previously sustained for nine days since March 5th, 2024.

At the parallel market, the Naira remained stable, trading close to the N1,600 per dollar benchmark. The Nigerian currency saw a 0.50 per cent appreciation against the USD on Tuesday, improving from the prior rate of N1,608 per USD.

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