The naira strengthened to N1,575 per dollar in the parallel market on Friday, up from N1,580 the previous day, marking a N25 appreciation since trading at N1,600 earlier this week, reported Elizabeth Adegbesan.
In the Nigerian Foreign Exchange Market (NFEM), the naira also appreciated, reaching N1,537 per dollar from N1,543 on Thursday, a N6 gain. Data from the Central Bank of Nigeria (CBN) confirmed this upward trend, reflecting the currency’s improved performance in the official market.
The naira’s value rose by N13 against the dollar in the official market over the week, starting at N1,550 per dollar. This consistent appreciation highlights a positive shift in the naira’s exchange rate across both markets.
However, the gap between the parallel market and NFEM rates widened slightly to N38 per dollar on Friday, compared to N37 the previous day. This indicates ongoing disparities between the official and unofficial exchange markets.
The naira’s gains reflect a strengthening trend, supported by data from the CBN and market observations. Analysts attribute the appreciation to various economic factors, though specific reasons were not detailed in the report.
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