Naira Strengthens Against Dollar in Official and Parallel Markets

The naira continued its upward trajectory against the dollar in both the official and parallel foreign exchange markets on Tuesday.

According to FMDQ data, the naira appreciated to N1,544.05 per dollar at the official market, improving from Monday’s exchange rate of N1,545.10, marking a gain of N1.05.

Similarly, in the black market, the naira strengthened to N1,675 per dollar, up from Monday’s rate of N1,680.

Reports indicate that the naira has recorded consistent gains against the dollar over the past two days.

This development coincides with the Senate’s move to regulate foreign currency usage, as a bill to ban the use of currencies like the dollar passed its first reading on Tuesday.

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