By: OBSERVERS TIMES.
Lagos, Nigeria – The Nigerian Naira continued its recovery trend, appreciating against the United States dollar in both the parallel market and the official Nigerian Foreign Exchange Market (NFEM) as of today.
In the parallel market, the Naira strengthened to N1,600 per dollar, marking a notable gain from the N1,610 per dollar recorded on Thursday.
Similarly, data from the Central Bank of Nigeria (CBN) revealed positive movement in the NFEM. The indicative exchange rate for the Naira fell to N1,589 per dollar, a significant appreciation of N6 compared to Thursday’s rate of N1,605 per dollar.
As a direct consequence of these gains in both segments of the foreign exchange market, the disparity between the parallel market and the NFEM rate has significantly narrowed. The margin now stands at a mere N1 per dollar, a substantial reduction from the N5 per dollar difference observed on Thursday.
This continued appreciation of the Naira offers a glimmer of hope for businesses and individuals reliant on foreign exchange, suggesting a potential stabilization in the currency market. Market analysts will be closely watching to see if this positive momentum can be sustained in the coming days.
