The Nigerian Naira appreciated to N1,560 per dollar in the parallel market on Friday, improving from N1,590 per dollar recorded on Thursday.
However, in the Nigerian Foreign Exchange Market (NFEM), the currency weakened slightly, trading at N1,502.5 per dollar, compared to N1,502 per dollar the previous day.
Data from the Central Bank of Nigeria (CBN) showed that the official exchange rate experienced a 50 kobo depreciation, marking a small but notable shift.
As a result, the gap between the parallel market and the NFEM rate widened significantly, reaching N57.5 per dollar, a notable increase from the previous margin of 88 kobo per dollar.
Throughout the week, the Naira has shown a fluctuating trend in both the official and parallel markets. Exchange rates have been shifting daily, reflecting ongoing uncertainty in the foreign exchange landscape.
