The Naira has strengthened to 1,348 against the US dollar at the official foreign exchange market, marking a slight appreciation amid renewed tensions between the United States and Iran. The currency had earlier traded as high as 1,389 to the dollar earlier this month.
Market data shows the Naira briefly touched 1,346.6 before settling around 1,348, reflecting a marginal gain of about 0.3 per cent. Analysts say the currency has maintained a generally positive trend since the start of 2026, supported by improved foreign exchange liquidity and central bank interventions.
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In the parallel market, the dollar continues to trade at a premium, though the gap with the official rate has narrowed in recent months due to ongoing monetary reforms and increased FX supply to Bureau De Change operators.
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