In the realm of business, the Naira demonstrated a notable appreciation, reaching a robust exchange rate of N1400 against the US dollar in the parallel market on Wednesday.
Operatives in the parallel market were offering a rate of N1400/$1, indicating a considerable strengthening of the Naira, particularly for individuals holding dollars seeking to liquidate their assets.
Naira Hits N795/$1, N1135/$1 in Official, Parallel Markets
Naira’s Sharp Fall Against Dollar Sparks Economic Concerns
Market analysis from Nairametrics suggests that this recent surge in the exchange rate is partly attributed to speculators relinquishing their stockpile of dollars amidst diminishing demand.
Just the day before, the Naira traded at N1,560.57 per USD, marking a significant improvement from N1,572.82 on the preceding Monday. This translates to a noteworthy daily gain of N12 and a substantial increase of N57.36 compared to the rate of N1,617.96 recorded merely a week earlier.
Remarkably, the Naira has sustained its position below the N1,600 per USD threshold for the second consecutive day, a level it has steadfastly maintained for nine days since March 5th, 2024.
In the parallel market, the Naira remained resilient, hovering near the N1,600 per dollar mark, showcasing a 0.50 percent appreciation against the USD on Tuesday, an improvement from the previous rate of N1,608 per USD.
