ENUGU, Nigeria (VOICE OF NAIJA) –In a notable shift, the Naira showed strength against the US Dollar, closing at an exchange rate of N790/$1 in the official foreign exchange market on Wednesday.
This improvement was highlighted in the FMDQ forex trading report for the day.
The Naira’s rate of N790/$1 on Wednesday marked a significant positive shift, with a notable N58 decrease from the previous day’s rate of N848/$1.
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However, it’s worth noting that the Naira’s value continued to decline in the parallel market, where it was trading between N1060 and N1100 per US Dollar. This growing disparity between the official and parallel markets is exacerbating the ongoing foreign exchange crisis.
This development occurs in the context of efforts by the Central Bank of Nigeria to stabilize the nation’s forex market by removing restrictions on key commodities, including rice, cement, and 41 other items.
It’s essential to recall that since the Naira was allowed to float freely in the forex market on 14 June, the currency has been experiencing a continuous depreciation.