Naira Strengthens to N1,392/$ in Parallel Market as Official Rate Rises to N1,369 Amid Inflation Concerns
The Naira surged to N1,392 per dollar in the parallel market, up from N1,396. In the official Nigerian Foreign Exchange Market, it rose to N1,369 from N1,389, according to Central Bank data. Despite this short-term relief for businesses and importers, inflationary pressures remain high. The gap between the parallel and official rates widened to N23 per dollar, reflecting ongoing supply and demand imbalances. Economists warn that sustained stability will depend on managing inflation, boosting dollar liquidity and reducing reliance on unofficial channels. Policymakers are urged to introduce measures that support the currency and protect purchasing power.
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