The Naira appreciated to ₦1,560 per dollar in the parallel market as at close of work on Friday, up from ₦1,565 per dollar the previous day.
In the Nigerian Foreign Exchange Market (NFEM), the naira also appreciated, closing at ₦1,534 per dollar.
However, data from the Central Bank of Nigeria (CBN) indicated that the official exchange rate rose slightly to ₦1,535.5 per dollar from ₦1,534 per dollar on Wednesday, reflecting a minor depreciation of ₦1.5.
As a result, the gap between the parallel market and the NFEM rate narrowed to ₦24.5 per dollar, compared to ₦31 per dollar on Thursday.
This week, the parallel market experienced a ₦30 depreciation overall, while the previous week saw a marginal gain of 50 kobo. In contrast, the official market recorded no significant movement in the naira’s value throughout the week.
