Naira sustains gain parallel market

According to recent reports, the Nigerian Naira has continued to sustain its gain in the parallel market, also known as the black market. This is a significant development, as the Naira has been facing challenges in recent times, including a shortage of foreign exchange and a decline in the value of the currency.

As of today, the Naira is trading at around N560 to the US Dollar in the parallel market, which is a significant improvement from the N620 to the US Dollar it was trading at just a few weeks ago. This gain is attributed to a combination of factors, including:

  1. Increased supply of foreign exchange: The Central Bank of Nigeria (CBN) has been injecting more foreign exchange into the market, which has helped to boost the value of the Naira.
  2. Improved economic outlook: The Nigerian economy has been showing signs of improvement, with GDP growth rates increasing and inflation rates declining. This has helped to boost investor confidence and attract more foreign investment into the country.
  3. Strengthening of the Naira: The Naira has been strengthening against other major currencies, including the Euro and the Pound, which has helped to boost its value.

It's worth noting that the parallel market is not the official market, and the Naira's value can fluctuate significantly depending on various factors, including supply and demand, economic conditions, and global events. However, the recent gain in the parallel market is a positive development for the Nigerian economy and could help to boost investor confidence and attract more foreign investment into the country.

Here are some key statistics to illustrate the Naira's gain in the parallel market:

Overall, the recent gain in the parallel market is a positive development for the Nigerian economy, and it could help to boost investor confidence and attract more foreign investment into the country.