The Nigerian Naira has hit a record high of ₦1, 400 against the US dollar at the official market during the midweek trading session.
he currency maintained the appreciation trend seen since the start of the week in the Nigerian Foreign Exchange Market (NFEM).
Data released by the Central Bank of Nigeria (CBN) showed that the local currency appreciated by 1.26% on Tuesday, as the dollar was quoted at ₦1,401.22, representing a gain of ₦17.73 compared with ₦ 1,418.95 recorded on Monday at the NFEM.
It had already made significant gains in the previous session, ending at ₦1,401.2/$, its strongest level since the introduction of the Electronic Foreign Exchange Matching System (EFEMS).
The naira has appreciated in a few sessions daily (up 0.1%-0.36% on some days). The parallel market (informal rates in Lagos BDC) is between ₦1,475/$ and ₦1,490/$ (the average buy is ₦1,480/$ and the average sell is ₦1,490/$ as of January 27), so the buy/sell spreads are reported.