Naira strengthens against dollar in parallel market as official rate dips

The Nigeria’s currency, Naira, gained slightly in the parallel market Thursday, trading at N1,470 per US dollar, an improvement from N1,475 per dollar recorded on Wednesday.

However, activity in the Nigerian Foreign Exchange Market (NFEM) showed a different trend, as the currency weakened to N1,459.95 per dollar.

Figures released by the Central Bank of Nigeria (CBN) indicated that the official rate fell to N1,459.95 per dollar, down from N1,451 per dollar the previous day—representing a N8.95 decline for the local currency.

With the latest movement, the gap between the parallel market rate and the NFEM rate narrowed to N10.05 per dollar, compared to N26 per dollar on Wednesday.