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Naira Appreciates To N1,468.99/$1 On Official Market - NEW TELEGRAPH

MAY 21, 2024

The naira strengthened further on the official market on Monday, closing at N1,468.99/per dollar, compared to N1497.33 per dollar as at last Friday. On the parallel market, the local currency gained slightly against the dollar as it still traded at N1,490 per dollar compared to N1,500 per dollar last Friday, currency traders said.

After rebounding by over 40% in the span of six weeks to this year’s high of N1,090/$ at the parallel market on April 18th, the naira has weakened on the forex markets in recent weeks, a development, analysts attribute to increased dollar demand amid low domestic greenback liquidity.

MARKET NEWS

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