The Nigerian naira strengthened in both the parallel and official markets on Tuesday, trading at N1,375 to the U.S. dollar in the parallel market, up from N1,383 the day before.
In the Nigerian Foreign Exchange Market (NFEM), the official rate fell to N1,328 per dollar from N1,331, a gain of N3 for the local currency.
As a result, the spread between the parallel and official markets narrowed to N47 per dollar, down from N52 the previous day.
Interbank turnover in the NFEM surged 181.5 percent, rising to $279.2 million from $99.2 million.
External reserves continued to climb, reaching $54.674 billion on Friday, 17 September, which analysts say supports the naira’s recent gains.
With these developments, market observers see a positive outlook for the naira, with potential for further appreciation in the coming weeks.
<small>Source: Vanguard News — read the original story there.</small>
