At the end of trading on Wednesday, the naira maintained its positive run against the dollar on the parallel market, commonly referred to as the black market.
The naira appreciated to N1,520 which experts said is driven by reduced demand for the dollar amid improved liquidity conditions.
This marks a gain of N15, compared to the N1,535 per dollar exchange rate recorded on Tuesday in the same market. Data compiled from online trading platforms and street traders confirmed the development. “There is not much demand in the market, but we have enough dollars,” a trader noted.
In the official foreign exchange (FX) market, the naira lost value against the dollar on Wednesday, according to figures published by the Central Bank of Nigeria (CBN) on its website.
After trading activities concluded for the day, the dollar was quoted at 1,509.0387 per dollar, reflecting a depreciation from the 1,507.2230 per dollar rate reported on the previous trading day at the Nigerian Foreign Exchange Market (NFEM), as indicated by CBN data.
