On Friday, the Naira strengthened against the dollar, appreciating to N1,555 in the parallel market, up from N1,685 on Thursday.
In the official foreign exchange market, the Naira also gained value, rising to N1,535 per dollar.
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According to data from the Central Bank of Nigeria’s Daily Nigerian Foreign Exchange Market (NFEM), the indicative exchange rate for the Naira dropped to N1,535 per dollar from N1,567 on Thursday, reflecting a N32 appreciation.
As a result, the gap between the parallel market rate and the NAFEM rate decreased significantly, narrowing to N20 per dollar from N118 per dollar on Thursday.
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