BREAKING: Speculators selling cause the Naira to strengthen to N1400/$ on the parallel market.

 For dollar holders wishing to sell, parallel market players are asking a buy price of N1400/$1, indicating a notable strengthening of the naira.

Nairametrics' checks show that the exchange rate has been rising recently as speculators begin to unload their stash of dollars in response to declining demand.

The naira has increased from approximately N1600/$, where it closed yesterday, to N1500/$ (some quoted N1550/$1) if they are to sell to you, according to multiple individuals that work in the parallel market.

On the other hand, they purchase at N1400/$1, which enables them to profit by N100/$1.

Speaking with Nairametrics, a dealer by the name of Musa expressed satisfaction with the development, noting that a stronger Naira was beneficial to their business.

In the meanwhile, the currency rate on Tuesday's official market drop to N1,560/$1 was the most since the naira's closing price of N1534/$1 on March 4.

The date of the Central Bank's upcoming Monetary Policy (MPC) meeting, where it will discuss holding MPR or extending the raise, was revealed yesterday. The top bank expressed optimism about interest rates at its most recent meeting, increasing MPR by 400 basis points to 22.75%, the largest increase ever.  

Furthermore, the recent improvements in the value of the naira over the last several days may have contributed to the interest of international investors in Nigeria's Treasury bills and the CBN's OMO auction. The top bank had already stated that foreign Since approximately 75% of subscribers were foreign nationals, investors dominated Treasury bills and OMO auctions.  

The bank also pointed out that there has been a substantial inflow of foreign exchange in the last month, with remittances from Nigeria's diaspora reaching $1.3 billion in February—a fourfold increase—from barely $300 million in the month before.