Naira Trades at N1230 at Official, Parallel Markets after FX Boost
The Naira strengthened by 1.63% in the foreign exchange market, ending at ₦1,230.61 per US dollar in the official market over sustained FX boost. Pressure has eased as US dollar demand at Nigerian autonomous FX market tracks behind volume of US dollars and other currencies available. Naira Slides as Nigerians Import Appetite Rises
Similar development persisted in the black market, causing the local currency to maintain an uptrend that started in March. According to channel checks, the Naira closed at ₦1,230 to the US dollar in the parallel market after Central Bank $10,000 sales at N1101.
In the global commodity market, there was a negative shift in oil prices, with Brent crude dropping by 1.49% to $89.81 per barrel, and WTI crude also declining by 1.39% to $85.71 per barrel. Naira Trades at N1230 at Official, Parallel Markets after FX Boost
