Business
Naira gains at parallel market, exchanges for N997/$1
The Nigerian naira, on Thursday, had a mixed performance against the US dollar, strengthening on the black market but weakening through the Investors and Exporters (I&E) window.
Data from the black market shows the naira gained ground, trading at N997 to the dollar compared to N1,000 on Wednesday.
However, at the I&E window, the domestic currency depreciated to N775.2 per dollar from N756.21 previously.
READ ALSO: Naira, Angola’s Kwanza among worst-performing currencies in Africa—World Bank
This shows that the value of the naira at the official market sector has decreased by N18.99.
As a result, on Thursday, the difference between the parallel and I&E exchange rates was N221.8 instead of N243.79 earlier in the week.
Analysts believe that the return of international flights by several foreign airlines is what caused the naira’s modest recovery on the black market.
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