The Nigerian Naira appreciated to N1,680 per US dollar in the parallel market on Monday, October 14, 2024.
This marks a positive shift from the Naira’s previous rate of N1,690 per dollar over the past weekend.
The appreciation has been attributed to recent positive economic trends and increased confidence in Nigeria’s foreign exchange market.
This development is seen as a relief to businesses and individuals who rely on the parallel market for foreign exchange, especially given the challenging economic conditions in the country.
The parallel market exchange rate had experienced significant fluctuations in recent months, with the Naira hitting lows due to various market pressures.
Analysts believe the central bank’s efforts to increase dollar supply and other economic policies may be contributing to the Naira’s current upward trend.
