By Melvin Onwubuke
Nigeria Naira strengthened against the dollar in the official market, as there was a significant rise of 76.61% to $117.32 million in the foreign exchange turnover on Tuesday, February 2024.
According to nairametrics however, inspite of this improvement, the Naira experienced a decline in the parallel market, slipping to N1,700/$1 which represents a 2.65% decrease, compared to the preceding day’s rate.
Challenges persists, despite the CBN ‘s implementation of various policies aimed at boosting the foreign exchange supply.
Naira traded at N1,552.24 to a dollar at the end of business day at the official market, appreciating by 3.03%, according to Nigeria Autonomous Foreign Exchange Market.
In addition, the Naira weakened against the Great British Pound at N2,120/£1, which marks a notable decrease of 3.77% compared to N2,040 rate reported the preceding day.
Furthermore, Naira weakened against the Euro by 4.97% closing at N1,810/€1, compared N1,720/€1 recorded the previous day.
