The Naira has continued to gain value against the US dollar in the parallel foreign exchange market.
On Wednesday, it appreciated to N1,505 per dollar, improving from N1,515 per dollar recorded on Tuesday.
A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, confirmed the development, stating that the Naira strengthened to N1,505 per dollar on Wednesday, compared to N1,515 per dollar traded the previous day.
“We buy at N1,495 per dollar and sell at N1505 per dollar. Naira has continued to rise in the past days,” he said.
In the official market, data from the Central Bank of Nigeria (CBN) showed that the Naira appreciated to N1,507.2 per dollar on Tuesday, strengthening from N1,508.5 per dollar on Monday.
However, as of the time of filing this report, the apex bank has not yet released Wednesday’s exchange rate data.
This development comes as the CBN Monetary Policy Committee (MPC) prepares to unveil a fresh set of policies following its 299th meeting on Thursday.
Meanwhile, Nigeria’s January inflation rate dropped to 24.48 percent, a sharp decline from 34.8 percent recorded in December, following the Consumer Price Index (CPI) rebase.
