Naira Now Exchanging at N1,500/$ in Parallel Market

At the parallel market, the Nigerian naira is currently exchanging N1506/$.

This is after it had previously sold at N1,410/$.

However, at the official market, the Naira exchanged at N1,349 from the N891.90/$ it traded the previous day. The window also saw an intra-high of N1,410.

This was recorded amid the release of $500 million by the Central Bank of Nigeria (CBN) to various sectors to address the backlog of verified foreign exchange (forex) transactions.