Naira-dollar
Naira appreciates to N1,555/$ in Parallel market
The Naira gained significant ground against the dollar on Friday, appreciating to N1,555/$ in the parallel market, compared to N1,685/$ recorded on Thursday.
Similarly, in the official foreign exchange market, the Naira appreciated to N1,535/$, as reported in the Daily Nigerian Foreign Exchange Market (NFEM) data published by the Central Bank of Nigeria (CBN). This reflects a notable improvement of N32, as the indicative exchange rate strengthened from N1,567/$ on Thursday to N1,535/$.
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The narrowing of the gap between the parallel market and the official NAFEM rate was also evident, with the margin shrinking to N20/$, compared to the N118/$ difference observed on Thursday.
The development signals a positive trend for the Naira, easing pressures on currency exchange rates across both markets.
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