The Nigerian naira has witnessed a notable appreciation against the United States dollar in the parallel foreign exchange market, marking a positive trend for the embattled currency.
On Wednesday, December 4, 2024, the naira strengthened to N1,700 per dollar, up from N1,730 recorded on Tuesday, December 3. This represents a N30 gain within just 24 hours.
Speaking with journalists, Abubakar Alhassan, a Bureau De Change operator at Wuse Zone 4 in Abuja, confirmed the development. He stated, “We sell at N1,700 and buy at N1,690 on Wednesday compared to the N1,730 per dollar exchange rate on Tuesday. In the past two days, the naira has been appreciating.”
The continuous appreciation of the naira is a source of relief for many stakeholders in the Nigerian economy, especially in light of the recent struggles the currency has faced.
The naira’s performance in the parallel market is often viewed as an indicator of broader economic sentiment, particularly as many businesses and individuals rely on this market for foreign exchange.
Meanwhile, in the official market, data from FMDQ Securities Exchange shows that the naira’s exchange rate has remained stable at N1,672.69 per dollar. This rate has been consistent since Thursday, November 29, 2024, signaling relative stability in the official forex window.
However, the parallel market rates continue to draw significant attention due to their immediate impact on informal traders and small businesses that depend heavily on accessible foreign exchange.
The naira’s recent appreciation comes on the heels of new foreign exchange policies
