Business
Naira Appreciates With N5 Against Dollar At Parallel Market
The Naira continued its appreciation against the dollar at the parallel foreign exchange market on Thursday.
According to a Bureau De Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, the Naira gained N1,570 per dollar on Thursday from N1,575 on Wednesday.
This showed that the Naira strengthened marginally by N5 against the dollar compared to the N1,575 exchange rate on the previous day.
This is the second consecutive time the Naira has appreciated against the dollar at the black market this week.
In the last 48 hours, the Naira has gained N10 against the dollar.
Meanwhile, at the official market, the Central Bank of Nigeria has yet to update FX data for Thursday, February 13, 2025, on their website as of the time of filing this report. However, on Wednesday, the Naira closed at N1,504.30 per dollar at the official window.
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The development comes as Nigeria expects the release of January’s 2025 inflation data in mid-February.
In December 2024, Nigeria’s inflation rose at 34.80 percent.
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