Naira appreciates to N1494.03/$ at official market
At the official window on Thursday, the naira appreciated to 1,494.03/$, based on data from FMDQ Securities Exchange Limited.
It also increased to 1,510.00/$ at the parallel market, which further narrowed the market spread to 15.5/$. As a result of the Central Bank of Nigeria's several policies, the difference between the official foreign currency rate and the rates on the black market is narrowing.
The naira rate increased by 1.04 percent to 1,494.03/$ on the official window and by 1.66 percent to 1,510.00/$ on the parallel market, according to CardinalStone Research's daily market analysis.
The naira had continued to rise during trading the day before. The parallel market rate increased by 0.65% to N1,535.00/$, while the naira gained 0.05 percent to 1,509.53/$ on the FMDQ.
One of the main factors contributing to the naira's strength has been identified as the CBN's recent instruction to extend dollar sales to Bureau De Change Operators until May 30, 2025.
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