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Again, Naira appreciates, now trades at 1,275/$ at parallel market

naira to dollar

After few days of the naira relapsing, the currency has again strengthened against the United States dollar, appreciating by N125 to reach N1,275/$1 over the weekend.

The new improvement rate represents a 9.8 per cent increase when compared to N1,400 to a dollar it traded at the close of trading activity last week Friday.

This came as the Senate through its Committee on Finance called for concerted efforts by all relevant stakeholders to rescue and sustain its stability.

Recall that the senate said there was an urgent need for concerted efforts to tackle the instability and continuous depreciation of the Naira.

Currency traders have blamed trading uncertainty of the market as reason for the fluctuations in the exchange rate.

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They added that the government must either  choose to increase the currency value or devalue for market stability.

The fluctuating nature of the naira has caused the prices of goods and services to continue to rise.

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