Naira Rebounds At Parallel Market

The naira has demonstrated signs of strengthening against the United States dollar, appreciating by N125 to reach N1,275/$1 over the weekend.

The new rate represents a 9.8 per cent increase when compared to N1,400 to a dollar it traded at the close of trading activity on Friday.

This came as the Senate through its Committee on Finance called for concerted efforts by all relevant stakeholders to rescue and sustain its stability.

The senate said there was an urgent need for concerted efforts to tackle the instability and continuous depreciation of the Naira.