‎Naira Rebounds to ₦1,540/$ in Parallel Market

‎The naira rebounds against the dollar on Tuesday in the parallel foreign exchange market, reversing earlier losses.

A source at the Abuja Black Market told Economic Confidential that the naira was trading at ₦1,530/$ (buy) and ₦1,540/$ (sell) as of February 18, reflecting a significant recovery from the ₦1,580 level recorded at the close of trading on Monday. However, market conditions remained volatile.

‎In contrast, the official exchange rate set by the Central Bank of Nigeria (CBN) is significantly lower, at approximately ₦767.54 per $1.