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Naira Strengthens Against Dollar in Parallel Market Amid Forex Stability
The Nigerian naira has appreciated against the U.S. dollar in the parallel market, signaling increased stability in the country’s forex sector. Analysts attribute this positive movement to rising foreign exchange reserves and improved market liquidity, narrowing the gap between the official and parallel rates.
Recent Developments
The Nigerian naira has witnessed a notable appreciation against the U.S. dollar in the parallel market as of recent trading sessions. The naira strengthened to ₦1,525 per dollar in the parallel market, improving from ₦1,530 recorded the previous day.
This upward trend also reflects in the official forex market, where the naira now trades at ₦1,488 per dollar, slightly higher than ₦1,490 previously. The narrowing gap between the parallel and official rates indicates a positive development for Nigeria’s foreign exchange market.
Factors Driving the Appreciation
- Increased foreign exchange reserves, currently standing at $41.99 billion.
- Improved market liquidity, boosting confidence among forex traders.
Market watchers believe this trend could enhance stability in the Nigerian economy and encourage more investors to engage in the forex market.
For real-time updates on the naira-dollar exchange rate, platforms like Aboki Forex and NGN Rates offer accurate parallel and official market rates
