The Nigerian Naira recorded modest gains across both official and parallel foreign exchange markets, offering a measure of relief to businesses and individuals reliant on dollar transactions.
In the parallel market, the currency strengthened slightly to N1,392 per dollar from N1,396 recorded a day earlier. A similar trend was observed in the official market, where data from the Central Bank of Nigeria showed the Naira appreciating to N1,369 per dollar, marking a N20 improvement.
The gains are seen as encouraging, particularly for importers and businesses dependent on foreign exchange. However, inflation remains a major concern, as rising prices continue to erode purchasing power.
Despite the appreciation, the gap between the official and parallel market rates widened significantly to N23 per dollar, highlighting persistent imbalances in the foreign exchange system.
Analysts say the improvement may be linked to increased dollar inflows and cautious market activity, but warn that sustaining stability will require stronger policy measures.
