The naira appreciated against the dollar in the parallel foreign exchange market (black market).
According to Abubakar Alhassan, a Bureau de Change operator at Wuse Zone 4, the naira strengthened slightly to N1748 per dollar on Wednesday, up from N1755 on Tuesday. This represents a gain of N7 compared to the previous day’s rate.
In the official market, the naira closed at N1660.83 per dollar on Wednesday, down from N1659.40 the previous day, marking a marginal decline of N1.43. The FX transaction turnover also dropped to $337.03 million on Wednesday from $425.98 million the day before.
This development follows the Central Bank of Nigeria’s latest intervention, which set the minimum trade at $100,000 in its new Electronic Foreign Exchange Matching System (EFEMS).
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