Naira Strengthens on Parallel Market Against the U.S Dollar to N1400

The Nigerian Naira has appreciated against the U.S. Dollar on the parallel market with operators quoting a buy price of N1400/$1 for holders of dollars looking to sell.

This represents a notable appreciation from previous levels, a positive shift in the currency’s value.

According to checks, the exchange rate has been on an upward trajectory as speculators begin to offload their stockpile of dollars amidst diminishing demand.

Multiple sources within the parallel market confirmed that the Naira has climbed from approximately N1600/$1 to N1500/$1 for selling transactions.

However, they are purchasing dollars at N1400/$1, allowing for a spread of N100/$1.

Traders like Musa expressed satisfaction with the strengthening of the Naira, highlighting its positive impact on their business.

Meanwhile, on the official market, the exchange rate fell to N1,560/$1 on Tuesday, the strongest performance since March 4th.

The parallel market’s upward movement underscores growing confidence in the Naira’s stability amidst ongoing economic reforms.