The Nigerian Naira witnessed a remarkable recovery against the US dollar at the parallel market on Saturday, appreciating to N1280 per dollar according to market data obtained by Nairametrics from currency traders.
This represents a significant gain of N120, marking an 8.57 percent increase compared to the N1,400 exchange rate recorded on the previous trading day.
Currency traders reported selling rates ranging between N1,280 and N1,300 per dollar, indicating a positive shift in the market sentiment towards the Naira.
Earlier in the week, the local currency had experienced a downturn, losing a third of its value within a span of two weeks after briefly strengthening to below N1,000 against the dollar. However, renewed demand pressure caused the Naira to slide to N1,400 against the dollar in the parallel market.
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