Naira Strengthens to ₦1,525/$ in Parallel Market Amid Instability
The naira recorded a significant appreciation against the dollar on Wednesday in the parallel foreign exchange market.
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A source at the Abuja Black Market told Economic Confidential that as of February 19, the naira was trading at ₦1,520/$ (buy) and ₦1,525/$ (sell), marking a notable recovery from the ₦1,540 level at Tuesday’s close. However, market conditions remain volatile.
Meanwhile, the official exchange rate set by the Central Bank of Nigeria (CBN) stands much lower at approximately ₦767.54 per $1.
