The naira exceeded expectations to record its highest gain against the dollar at the parallel foreign exchange market in recent days.
The naira appreciated to N1,515 per dollar on Tuesday from N1,540 on Monday.
This means the naira strengthened by N25 per dollar.
At the official FX market, the Central Bank of Nigeria has yet to release Tuesday’s FX data; however, the naira closed at N1,508.58 per dollar on Monday.
This development comes as Nigeria’s inflation rate declined to 24.48 per cent in January 2025, following the rebase of the country’s Consumer Price Index.
Earlier, the National President of the Association of Bureau de Change Operators, Aminu Gwadebe, attributed the naira’s appreciation to the pick-up in interbank proceeds directed to Bureaux de Change.
