Naira rises to N1,493/$ in official market

The Naira yesterday appreciated to N1,493 per in the official foreign exchange market.
Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) fell to N1,493 per dollar from N1,506 per dollar on Wednesday, indicating N13 appreciation for the naira.
The official exchange rate once reached the N1,400 per dollar threshold in January and May 2024.
The official exchange rate has been on an appreciating trend following the launch of the CBN Foreign Exchange Code this week.
Similarly, the Naira appreciated to N1,620 in the parallel market from N1,630 per dollar on Wednesday.
Consequently, the margin between the parallel market and NFEM rate widened to N127 per dollar from N124 per dollar on Wednesday.