Naira appreciates to N1,550/$ in Parallel Market, strengthens in NFEM

The Naira appreciated to ₦1,550 per dollar in the parallel market on Friday, improving from ₦1,560 per dollar recorded on Thursday.

Similarly, in the Nigerian Foreign Exchange Market (NFEM), the Naira strengthened to ₦1,537 per dollar, reflecting a steady improvement.

According to data published by the Central Bank of Nigeria (CBN), the indicative exchange rate fell from ₦1,540/$ on Thursday to ₦1,537/$ on Friday, marking a ₦3 appreciation for the local currency.

As a result, the gap between the parallel market and the NFEM rate narrowed to ₦13 per dollar, down from the ₦20 margin observed on Thursday.