Naira Rises to N1,685/$ in parallel market

Naira Gains Momentum Against Dollar in Both Parallel and Official Markets

The Naira demonstrated notable improvement yesterday, rising to N1,685 per dollar in the parallel market, up from N1,695 per dollar on Wednesday. In the official foreign exchange market, the currency also strengthened, reaching N1,567 per dollar.

According to data released by the Central Bank of Nigeria (CBN) through the Daily Nigerian Foreign Exchange Market (NFEM), this marks the fourth consecutive day of appreciation for the Naira, which has climbed from N1,660 per dollar on Monday, translating to a weekly gain of N93.

As a result of these fluctuations, the gap between the rates in the parallel market and the NAFEM has expanded, increasing to N118 per dollar from N87 per dollar just a day prior. This shift indicates a growing divergence between the two markets in Nigeria’s foreign exchange landscape.