Naira Appreciates at Parallel Market on Better Inflow of Forex

December 28, 2022
naira value

By Dipo Olowookere

The Naira appreciated against the United States Dollar at the parallel market segment of the foreign exchange (forex) market on Tuesday.

The Nigerian currency was exchanged with its American pair yesterday at N741/$1 in the black market compared with the preceding session’s value of N743/$1.

This indicated that the local currency was strengthened against the greenback by N2 or 0.27 per cent during the trading day, which was a public holiday.

The federal government declared Monday, December 26 and Tuesday, December 27, 2022, as public holidays to celebrate Christmas and Boxing Day.

Business Post observed that the Nigerian Naira performed better than its US counterpart at the free market on Tuesday due to the moderation in the demand for FX.

The market witnessed an inflow of forex during the holidays as Nigerians received funds from outside the country to celebrate Christmas, just as Nigerians abroad who returned home for the festive period always took their hard currencies to the market in exchange for the Naira.

However, this is expected to gradually dry up in the first week of next month as users prepare to request FX for payment of school fees, BTA/PTA and others, including for the prosecution of the 2023 general elections by politicians.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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