The Currency US Dollar has continued to diminish against the Naira as the Nigerian currency was traded at N390 on Thursday in Abuja.
The News Agency of Nigeria (NAN) reports that the Naira had also appreciated against the Euro, exchanging at N400 while remaining stable against the Pound Sterling at N465.
The last time the naira traded at between N390 and N400 to the dollar at the parallel market was in August 2016.
With the gains made by the local currency in the last five weeks, the naira inched closer to one of the Central Bank of Nigeria’s (CBN) key foreign exchange policy objectives of an exchange rate convergence.
On Wednesday, when the dollar traded for N400, it marked the beginning of true convergence of official and black market foreign exchange rates.
