Nigerian Naira Appreciates In Parallel Market

The Nigerian naira appreciated in the parallel market, trading at ₦993 per dollar, marking an ₦2 or 0.20 percent increase from the N995 rate on the previous Friday.

• Bureaux De Change operators noted reduced demand for the US dollar in the street market.

• The buying price for the dollar was ₦985, and the selling price was ₦993, resulting in a profit margin of ₦8.

• The official market also saw the naira rise by 3.02 percent to close at ₦747.76/$ on the preceding Friday, following the Central Bank of Nigeria’s unification of all FX windows in June 2023.

• The Centre for the Promotion of Private Enterprise (CPPE) has recommended creating an autonomous window in the banking system to address the FX market’s confidence crisis and reduce forex flow into the parallel market.