The naira, on Wednesday, appreciated to N737 per dollar at the parallel section of the foreign exchange (FX) market, popularly called the black market.

The figure indicates a N9 or 1.2 percent gain compared to the N746 it traded three weeks ago.

The currency had maintained stability against the U.S dollar in the past couple of weeks at N745/$- N746/$ before its recent appreciation.

Speaking to our correspondent in the Victoria Island area of Lagos, Bureaux De Change operators (BDCs) said they purchased the greenback at N730/$, made a gain of N7 and then sell at N737/$.

The street traders attributed the appreciation of the local currency to low demand for dollars by customers.

Also, the naira gained 0.08 percent to close at N462.88/$ at the investors and exporters (I&E) forex window on Tuesday, according to data published by FMDQ, a platform where FX is officially traded.

The data also showed that forex worth $80.90 million were transacted among market dealers.

Central Bank of Nigeria (CBN) has continued to intervene in the official forex market from the external reserve in order to maintain the stability of the naira.

The Cable