Naira rises to N440/$1 in parallel market

The naira has sustained its massive gains against the dollar at the parallel market, exchanging for N440/$ on Tuesday, the largest single-day gain since March 2020

This is N37 gain compared to the N477/$1 exchange rate close of Friday, August 28th

This comes as speculators are scrambling to sell their forex pile as forex traders are reportedly turning down offers to buy due to fear that the naira could strengthen again.