Naira Strengthens Against Dollar in Parallel Market

Naira Strengthens Against Dollar in Parallel Market
Share this:

The Nigerian naira appreciated the parallel market on Friday, closing at N1,610/$1, up from N1,630/$1 on Thursday, gaining ₦20 in a day.
Similarly, the British pound fell to N2,000/£1 from N2,010/£1, while the euro dropped to N1,655/€1, reflecting a 0.91% naira gain.

At the official market, the CBN reported N1,493/$1 as of Thursday, with Friday’s rates at N1,507.40/$1 (buying) and N1,508.40/$1 (selling). The naira’s appreciation suggests increased dollar supply or reduced speculation.

Despite this gain, analysts warn of continued forex volatility due to factors like oil prices, remittance inflows, and investor sentiment. The CBN remains committed to stabilizing the naira through stricter BDC regulations and enhanced dollar liquidity.


Discover more from DiutoCoinNews

Subscribe to get the latest posts sent to your email.

Leave a Comment

Comments

No comments yet. Why don’t you start the discussion?

    Leave a Reply

    Your email address will not be published. Required fields are marked *