In response to recent foreign exchange (FX) policy adjustments by the Central Bank of Nigeria (CBN), the naira has surged in value. The US dollar is now trading at N1,280 on the parallel market.
This significant shift reflects a 2.34 percent appreciation of the naira against the dollar within a single day, compared to its previous closing rate of N1,310. Notably, this marks a substantial gain for the naira, which has strengthened by 42.58 percent since February 21, 2024, when it hit its lowest point of N1,825/$ on the black market.
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