The Nigerian naira surged to N1,635 per dollar in the parallel market on Tuesday, marking a notable recovery from N1,650 per dollar the previous day.
This N15 gain against the greenback highlights the influence of market forces in fostering slight improvements in foreign exchange rates, offering a glimmer of hope to traders and investors alike.
Data from the Central Bank of Nigeria (CBN) indicates that the official exchange rate closed at N1,533.50/$1 on Monday, further suggesting an atmosphere of relative stability in what has been a tumultuous market.
In the official market, the naira also made a strong showing, trading at N1,522.68 to the dollar, as reported by the FMDQ Securities Exchange.
Meanwhile, the Investors and Exporters (I&E) Forex window displayed its characteristic volatility, peaking at N1,536.50 and dipping to N1,521.50 within the same day, underscoring the dynamic nature of Nigeria’s foreign exchange landscape.
This encouraging shift comes just a day after the CBN unveiled the Nigeria Foreign Exchange (FX) Code, a strategic move poised to reshape the market.