The Nigerian currency, Naira, has continued its appreciation against the dollar at the parallel foreign exchange market.
It appreciated to N1,505 per dollar on Wednesday from N1,515 exchanged on Tuesday.
A Bureau de Change operator in Wuse Zone 4 Abuja, Abubakar Alhasan, whike speaking with daily post noted that the Naira strengthened to N1,505 per dollar on Wednesday from N1,515 per traded the previous day.
“We buy at N1,495 per dollar and sell at N1505 per dollar. Naira has continued to rise in the past days,” he said.
At the official market, available data from the Central Bank of Nigeria showed that the Naira firmed up to N1,507.2 against the dollar on Tuesday from N1,508.5 on Monday.
However, the apex bank is yet to release its Wednesday’s exchange rate data as of the time of filing this report.
The development comes as the CBN Monetary Policy Committee is set to announce a fresh set of policies at the end of its 299th meeting on Thursday.
Nigeria’s January inflation figure dropped to 24.48 percent from 34.8 percent in December last year after the Consumer Price Index rebase.