The naira saw a continued appreciation in the parallel market for the second consecutive day, rising by N10 to reach N1,640 per dollar by the close of trading on Tuesday, up from N1,650 on Monday. This marks a total gain of N20, or 1.2%, in the past two days, following a decline to N1,660 at the end of last week.
Despite the parallel market gains, the naira weakened at the official market, closing at N1,534.55 to the dollar, a slight drop from the previous day’s N1,533.63. This reflects a broader trend of volatility in the exchange rate as Nigeria’s Central Bank continues its efforts to reform the foreign exchange system.
As part of these reforms, the Central Bank of Nigeria introduced the Nigeria Foreign Exchange Code (FX Code), aimed at fostering a more transparent and robust forex market. The FX Code includes measures to prevent illegal financial transfers and enhance money laundering controls, ensuring the integrity of the local and global financial systems.
Source: LEADERSHIP