The Nigerian naira appreciated N1,660 per dollar in the parallel market on Tuesday, October 15, 2024.
Traders who spoke to TimesNow.com.ng on Tuesday confirmed the new exchange rate and said it is a massive improvement.
Abudulahhi, a currency trader, said:
Another trader on Airport Road, Musa, added:
The naira also improved in the official market as data from FMDQ showed that exchange rate for NAFEM fell to N1,552.92 per dollar from N1,641.27 per dollar on Friday last week, indicating N88.35 appreciation for the naira.
However, the margin between the parallel market and the NAFEM rate is still very wide at over N100.
Meanwhile, the Central Bank of Nigeria has released a new exchange rate for the naira against the euro and the British pound sterling.
According to CBN data, the pound is exchanged at N2089.61/£1, while the euro is sold at N1,749.12/€1
TimesNow.com.ng earlier reported that the US Federal Reserve has decided to lower interest rates, and this will weaken the United States dollar.
The decision has strengthened the Nigerian currency in the foreign exchange market.
Economist says that the US Federal Reserve’s decision will also help attract more investment into Nigeria and help naira perform better only if…
Proofreading by Nkem Ikeke, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
