Naira-dollar
Naira sustains gains, appreciates to N1,595/$
The Naira yesterday appreciated to N1,595 per dollar in the parallel market from N1,610 per dollar on Monday.
Thus the Naira has recorded N45 week-on-week, WoW appreciation from N1,640 per dollar Tuesday last week.
Though the Naira was stable at N1,499 per dollar in the official Nigerian Foreign Exchange Market (NFEM), yesterday, it however recorded N27.3 WoW appreciation from N1,526.3 per dollar last Tuesday.
Consequently, the margin between the parallel market and NFEM rate narrowed to N96 per dollar from N113.7 per dollar Tuesday last week.
The Naira has been on the upward trend since Thursday January 23rd, when it appreciated to N1,665 per dollar in the parallel market from N1,670 per dollar on Wednesday January 22nd.
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Similarly, the Naira in the official market appreciated on Thursday January 23rd, to N1,548 per dollar from N1,553 per dollar on Wednesday January 22nd.
Since then, the Naira had gained N75 and N54 in the parallel and official market respectively.
Currency traders attributed the upward trend of the Naira to weak dollar demand occasioned by the Chinese New Year holiday.
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