Naira Rebounds to ₦1,620/$ in Parallel Market
The naira strengthened across both the parallel and official foreign exchange markets on Friday, reflecting renewed confidence in the local currency.
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A source at the Abuja black market told Economic Confidential that as of May 16, the naira was exchanging at ₦1,610 per dollar for buying and ₦1,620 per dollar for selling. This represents a ₦5.33 gain compared to the previous day’s exchange rate of ₦1,625.
Meanwhile, the naira continued its upward trend in the official foreign exchange market. After opening the week strong on Monday, it appreciated further on Wednesday, closing at ₦1,596.70 to the U.S. dollar.
According to data published on the Central Bank of Nigeria’s official website, the naira gained ₦3.33 against the dollar. The dollar was quoted at ₦1,600.43, reflecting a 0.4 percent appreciation compared to ₦1,606.15 recorded on Friday at the Nigerian Foreign Exchange Market (NFEM).
