Naira gains further strength in the parallel market, trading at ₦1,590 per dollar on Thursday.
This is a notable improvement from Wednesday’s rate of ₦1,610, reflecting a ₦20 gain in value for the Nigerian currency.
It is the third time since February 2024 that the naira has returned to the ₦1,500 per dollar range in the parallel market.
While the naira showed improvement in the informal exchange market, it experienced a slight dip in the official Nigerian Foreign Exchange Market (NFEM).
Figures show that it closed at ₦1,554 per dollar, a ₦9 drop from Wednesday’s ₦1,545 rate.
Information shared by the Central Bank of Nigeria (CBN) shows that the difference between the parallel market rate and the official rate has reduced drastically.
The gap now stands at ₦36 per dollar, which is almost half of the ₦70 difference recorded just a day earlier.
