Naira appreciates at parallel market

The naira on Wednesday firmed against the dollar at the parallel market.

The naira gained N1 on Wednesday afternoon as it traded for N225 against the dollar.

It had previously traded for N226 against the dollar.

Similarly, the Nigerian currency also appreciated in value at the official interbank rate as it gained N0.02 to trade at N196.98 as against its previous value of N197.

Traders at the parallel market expressed the belief that the naira might experience further appreciation based on the recent increment in the price of oil at the international market.

Oil has risen to 50.15 dollars at the international market.