The Nigerian currency, the , appreciated to N1,403 per dollar in the parallel market, strengthening from N1,408 recorded earlier in the week.
At the official window, the naira also improved to N1,345 per dollar in the Nigerian Foreign Exchange Market (NFEM), reflecting stronger performance across both segments.
Data from the (CBN) showed that the indicative exchange rate dropped from N1,355 to N1,345 per dollar, indicating a N10 appreciation.
Gap between markets narrows
As a result of the gains, the gap between the parallel market and the official exchange rate narrowed to N48 per dollar, down from N53 recorded previously.
Positive signal for forex stability
The appreciation is seen as a positive signal for Nigeria’s foreign exchange market, amid ongoing efforts by the CBN to stabilise the currency and improve liquidity.
Analysts say sustained gains will depend on continued forex supply, policy consistency, and improved investor confidence.
