Naira Appreciates Again to ₦1,510/$ in Parallel Market Amid Instability
The naira recorded a significant appreciation against the dollar on Wednesday in the parallel foreign exchange market.
A source at the Abuja Black Market told Economic Confidential that as of February 20, the naira was trading at ₦1,505/$ (buy) and ₦1,510/$ (sell), marking a notable recovery from the ₦1,525 level at Wednesday’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.