NAIRA DON APPRECIATE TO N1,387/$ FOR PARALLEL MARKET

The Nigerian Naira Don record small lmprovement against the United States dollar for The e parallel foreign exchange market, as the Local currency strengthen to N1,387 per dollar On Tuesday.

The new rate represent a N3 gain compared with The N1,390 per dollar wey traders dey quote for The parallel market on Monday.

The naira also record slight improvement for the Officially foreign exchange market, with the Currency trading at about N1,322.9 to one dollar Forr the Nigerian Foreign Exchange Market (NFEM).

Data from the Central Bank of Nigeria (CBN) Show say the indicative exchange rate move from N1,320/$ on Monday to N1,322.9/$.

This means say the naira record about N2.9 lmprovement against the dollar based on the oOficial market rate.

As the Naira gain small ground for both markets, The difference between the parallel-market rate and the official rate don reduce.

The gap between the two markets now stand at About N64.1 per dollar, compared with N70 per Dollar recorded on Monday.

This Reduction means say the difference between the official and parallel exchange rates Don become smaller, even though the parallel market rate still remain higher than the official Rate.

The value of Transactions recorded in the NFEM Dropped by 48.07 per cent, falling from about $107.07 million on Monday to $55.6 million.

The latest movement come as businesses, lmporters, investors and ordinary Nigerians Continue to monitor the naira-dollar exchange Rate because changes in the value of the naira fit Affect the cost of imported goods, services and Other items for the country.

For now, the naira’s movement show small sign of Appreciation, with the currency gaining ground ln both the parallel and official foreign exchange markets.