The official foreign currency market saw the Naira rise to N1,493 per unit yesterday.
The Central Bank of Nigeria (CBN) said that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) decreased to N1,493 per dollar from N1,506 per dollar on Wednesday, suggesting a N13 appreciation for the naira.
The official exchange rate hit N1,400 per dollar in January and May 2024.
Following the implementation of the CBN Foreign Exchange Code this week, the official exchange rate has been steadily rising.
Similarly, the Naira rose to N1,620 in the parallel market from N1,630 per dollar on Wednesday.
As a result, the difference between the parallel market and NFEM rates increased to N127 per dollar from N124 on Wednesday.
