Naira Strengthens against Dollar in both Official and Parallel Markets

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The Nigerian naira has recorded a notable appreciation against the US dollar in both the official and parallel foreign exchange markets. According to data from the Central Bank of Nigeria, the naira firmed up to ₦1,525.83 against the dollar on Thursday, up from ₦1,526.15 on Wednesday, representing a daily gain of ₦0.32.

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This marks the fourth consecutive day the naira has appreciated against the dollar in the official market this week. In the parallel market, the naira strengthened by N10 against the dollar, closing at N1,560 per dollar on Thursday, down from N1,570 the previous day

The naira’s recent gains are a welcome development for the Nigerian economy, and market observers will be watching closely to see if this trend continues. As the naira continues to strengthen, it is expected to have a positive impact on the country’s economy, particularly in terms of importation and inflation