Naira Appreciates To N1,555/ In Parallel Market

The Nigerian Naira has seen an appreciation today, rising to N1,555 per dollar in the parallel market, compared to N1,685 per dollar on Thursday. Similarly, in the official foreign exchange market, the Naira strengthened to N1,535 per dollar.

Data from the Central Bank of Nigeria's Daily Nigerian Foreign Exchange Market NFEM showed that the indicative exchange rate for the Naira dropped to N1,535 per dollar, down from N1,567 per dollar on Thursday. This represents a N32 appreciation in the official market.

As a result of these changes, the gap between the parallel market and the NFEM rate narrowed significantly, from N118 per dollar on Thursday to just N20 per dollar today.