The Naira saw its first gain against the Dollar in the parallel foreign exchange market this week.
A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, reported that the Naira appreciated slightly to N1,575 per dollar on Wednesday, up from N1,580 on Tuesday.
This represents a marginal N5 gain against the Dollar compared to the previous day’s rate.
“We sell at N1,570 per dollar and buy at N1,565 on Wednesday. Although dollar supply still remains relatively low,” Alhasan said.
Meanwhile, the official foreign exchange market continued its decline against the Dollar on Wednesday.
For the third consecutive day, the Naira weakened, falling to N1,504.30 per dollar from N1,503.07 the previous day, according to data from the Central Bank of Nigeria.
This reflects a N1.23 drop compared to Tuesday’s exchange rate.
Earlier this week, the Naira had recorded depreciation across both the official and parallel FX markets.
