The naira on Wednesday appreciated further in the parallel market, narrowing the exchange rate gap between the official and unofficial markets to just N7, as ongoing reforms continue to support currency stability.
The naira closed at N1,537 per dollar in the parallel market, commonly referred to as the black market, while it settled at N1,530.25 in the official foreign exchange (FX) market.
In the black market, this represents a gain of N8 or 0.5% from the N1,545 it traded at on Monday before the one-day holiday declared by the Federal Government to mourn former President Muhammadu Buhari.