The Naira is getting stronger against the dollar in the black market.
On Thursday, the Naira traded at N1,500 per dollar, improving from N1,505 on Wednesday.
A currency trader in Wuse Zone 4, Abubakar Alhasan, told DAILY POST that dollars were sold at a minimum of N1,500 per dollar on Thursday.
This means the Naira gained N5 compared to Wednesday’s rate of N1,505 per dollar.
The Naira has been rising steadily in the parallel market.
Meanwhile, in the official market, the Naira was exchanged at N1,509.03 per dollar on Wednesday, slightly changing from N1,507.2 on Tuesday, according to the Central Bank of Nigeria (CBN).
The exchange rates in different markets are becoming more similar, leading to a stable foreign exchange market.
Nigeria planned its N54.9 trillion 2025 budget based on an exchange rate of N1,500 per dollar.
Also, the CBN Monetary Policy Committee has decided to stop increasing interest rates for now.
