The naira showed signs of recovery in the parallel market on Tuesday, trading at ₦1,618 to the US dollar, slightly better than Monday’s rate of ₦1,620. This is the best rate the naira has seen since January 2024. However, in the official market (NFEM), the Nigerian currency dropped to ₦1,604 from ₦1,599, showing a ₦5 loss.
Despite this small drop in the official rate, the difference between the black market and official rate has now reduced to just ₦14, down from ₦21 the day before. Experts believe this smaller gap may signal more stability for the naira in the coming days.
In other news, Access Bank is expanding its reach. The bank has received full approval to take over the National Bank of Kenya from KCB Group. Both Kenya’s Central Bank and its Treasury gave the green light for the deal, which is now set to move forward.
