The naira on Wednesday continued to show strength against the dollar at the parallel (black) market, where operators were buying the green back at the rate of N1400/$.
The sell rate was however between N1550/$ an N1500/$.
On Tuesday, the naira remained stable at the parallel market, trading close to the N1,600 per dollar benchmark. The Naira recorded a 0.50 per cent appreciation against the US dollar on Tuesday, improving from the prior rate of N1,608/$1.
Some Bureau de Change (BDC) operators in Abuja attributed the rise in the value of naira to offloading of hoarded foreign exchange by speculators, following a lull in demand.
The difference between the buy and sell rate leaves traders with a spread of N100/$1.
Meanwhile, the exchange rate on the official market fell to N1,560/$1 on Tuesday the strongest the naira has traded since the first week of March when it closed at N1534/$1.
