The Naira and the Dollar exchange rate has risen to N1,380/$1 at the parallel market, from N1,280/$1 recorded over the weekend.
Disclosing this by BDC operators, it was said that the exchange rate strengthened toward the weekend from a month-to-date high of over N1,450/$1 following the sale of forex to BDC operators by the CBN.
Meanwhile, the official exchange rate also weakened to N1,339/$1 on Friday, the lowest in a month, as demand pressures continue to mount.
However, Nigerian naira has rebounded to appreciate by N200/£ to close at N1,453.07/£
The amount represents a major rebound from the earlier loss of the naira against the British Pound
The CBN governor earlier explained that healthcare and education abroad are the major things Nigerians spend dollars on
According to the latest data provided by the CBN, the naira rebounded on Thursday, April 25to close at N1,453.07/£. This depicted a N202/£ appreciation compared to the N1,655.20/£, which it closed the day before, Wednesday, April 24. The data showed that the local currency had started the week with a losing streak but rebounded on Thursday.
