Naira strengthens, hitting N1,405 in black market exchange
The Naira's value surged on the parallel market, reaching N1,405 per dollar, a notable improvement from the N1,410 per dollar recorded on Thursday, according to Elizabeth Adegbesan.
nThis week, the Naira's performance in the parallel market was marked by fluctuations, ultimately resulting in a strengthening of N10 per dollar by the week's close.
nTraders operating in the parallel market pointed to the interplay of demand and supply forces, as well as the Naira's use for settling import payments, particularly for goods sourced from countries such as China, as key factors influencing the currency's mixed performance.
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