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Naira Gains Across Markets, Trades at N1,405/$ Parallel Rate
Nigeria’s currency appreciated across markets on Friday, with gains recorded in both the parallel and official foreign exchange windows.
The naira posted gains against the dollar on Friday, appreciating to N1,405 per dollar in the parallel market from N1,412 recorded a day earlier.
In the official Nigerian Foreign Exchange Market (NFEM), the currency also strengthened, closing at N1,384.25 per dollar.
According to figures from the Central Bank of Nigeria, the indicative exchange rate declined from N1,389 per dollar on Thursday to N1,384.25 per dollar, reflecting an improvement of N4.75.
The appreciation led to a narrowing of the spread between the parallel and official markets to N20.75 per dollar, down from N23 per dollar recorded on Thursday.
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