Naira Appreciates in Both Parallel and Official Markets

The naira appreciated in both the parallel market and the Nigerian Foreign Exchange Market (NFEM) today.

In the parallel market, the naira strengthened to ₦1,545 per dollar, gaining ₦5 from ₦1,550 recorded last weekend.

Similarly, data from the Central Bank of Nigeria (CBN) shows the official rate improved to ₦1,528.65 per dollar from ₦1,532 last Friday—an appreciation of ₦3.35.

As a result, the exchange rate gap between the official and parallel markets narrowed to ₦16.35 per dollar, compared to ₦18 over the weekend.

The development reflects improved market sentiment and may signal growing stability in the foreign exchange market.