Naira Appreciates to N737/$ at Parallel Market as Dollar Demand Slows.

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On Wednesday, the parallel foreign exchange (FX) market, also known as the black market, saw naira rise to N737 per dollar.

Comparing the current amount to the N746 it traded three weeks ago, it shows a gain of N9, or 1.2 percent.

Before its recent increase, the currency had been stable versus the US dollar for the previous two weeks, trading between N745 and N746.

Additionally, naira strengthened on Tuesday at the investors and exporters (I&E) forex window, closing at N462.88/$, according to information made public by FMDQ, a platform where foreign exchange is legally exchanged.

To keep the naira stable, the Central Bank of Nigeria (CBN) has persisted in intervening on the official foreign exchange market using its external reserve.

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