The Naira saw a notable improvement on Tuesday, rising to N1,595 per dollar in the parallel market, up from N1,610 per dollar on Monday.
This marks a N45 appreciation for the currency week-on-week, as it stood at N1,640 per dollar just a week ago.
In the official Nigerian Foreign Exchange Market (NFEM), the Naira remained stable at N1,499 per dollar but still showed a weekly gain of N27.3 from last Tuesday’s rate of N1,526.3 per dollar.
As a result, the gap between the parallel market rate and the official market rate has narrowed from N113.7 per dollar last Tuesday to N96 per dollar as of yesterday.
The Naira’s positive movement has been ongoing since Thursday, January 23rd, when it appreciated in both the parallel and official markets. This upward trend was attributed to weaker dollar demand due to the Chinese New Year holiday.
In a positive sign for many, banks are now more willing to honor customers’ requests for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA), which had previously been a challenge for many customers to access.
