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.