Understanding Naira’s Appreciation: N1,715 in Focus
The Nigerian naira has recently appreciated to around N1,715 per dollar in the parallel market.
This represents a slight improvement compared to earlier rates, where it was trading at around N1,725.
The increase in the naira’s value is seen as a positive development, albeit amidst ongoing challenges with foreign exchange supply and demand pressures.
This appreciation comes in the context of broader economic efforts and market dynamics, including measures by the Central Bank of Nigeria (CBN) to regulate the foreign exchange market, particularly concerning Bureau De Change (BDC) operators.
Despite this improvement, currency volatility remains a significant issue in Nigeria, with the naira facing fluctuations in both the parallel and official markets.