Naira appreciates, exchanges for N1400 against US dollar

 The naira on Wednesday exchanged for N1400 against the
United States, US, dollars in the parallel market.

Parallel market operators sold at N1400/$1 for holders of
dollars looking to sell, marking a significant strengthening of the naira.

Nairametrics indicated that the exchange rate has been
gaining lately as speculators start to dump their hoard of dollars following
waning demand.

On Tuesday, the Naira traded N1,560.57 per USD from
N1,572.82 on Monday.

This represents an N12 gain on a day-to-day basis. The
figure indicated a whooping N57.36 gain compared to N1,617.96 per USD traded
barely a week ago.