The naira on October 14 has appreciated against the dollar at the parallel market.
The Nigeria’s currency increased N1 on Wednesday afternoon as it traded for N225 against the dollar.
It had before it traded for N226 against the dollar.
In the same vein the naira also firmed in value at the official interbank rate as it gained N0.02 to trade at N196.98 as against its recent value of N197.
Traders at the black market declared the belief that the naira might experience further appreciation as the price of oil at the international market went up recently.
The price of oil has up to 50.15 dollars at the global market.
The CBN governor, Godwin Emefiele has continued to defend his currency controls as he staya resolute that the naira is “appropriately priced”.
Over the past year the Naira lost about 15 % against the dollar with an official devaluation in November. It was devalued from N150-N160 to the U.S. dollar to N160-N176 as it battled to preserve macroeconomic stability, while raising serious concerns.
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