Naira Appreciates Against Dollar in Parallel Market - The Top Society

Naira Appreciates Against Dollar in Parallel Market

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The Nigerian naira showcased a positive trend against the US dollar in the parallel market on Tuesday, as reported by Dayyabu Mistila, a Bureau De Change Operator in Wuse Zone 4. According to Mistila’s disclosure to DAILY POST, the naira traded at N1,205 per $1 on Tuesday.

Mistila noted the contrast with Monday’s figures, stating, “We sold at N1,205 per $1 as of Tuesday, compared to N1,233 on Monday (Christmas Day). However, we buy at N1,195 per $1 on Tuesday.”

The revealed figures indicate a strengthening of the national currency, with Tuesday’s rate being an improvement compared to the N1,233 to $1 traded on the previous day.

Parallel market

In another market segment, on Tuesday, the naira was reported to trade around N1,181 to $1 on Binance, a peer-to-peer market and cryptocurrency platform.

This development follows the closure of trading for the Christmas holiday on Friday, where the naira closed at N885.88 per $1 at the official FMDQ market.

Since the introduction of foreign exchange (FX) reforms by the Central Bank of Nigeria on June 14, 2023, the naira has experienced fluctuations in the forex markets. Despite the variations, Governor Olayemi Cardoso recently assured Nigerians that the naira is anticipated to strengthen in the FX market in 2024.

Related: Naira Appreciates Against Dollar, Hits N844/$1

As the year concludes, the foreign exchange landscape remains dynamic, and the recent positive shift in the parallel market provides a glimpse of optimism for the Nigerian currency heading into the new year.

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