The naira on Friday appreciated to N1,575 per dollar in the parallel market, improving from N1,580 per dollar recorded the previous day.
This development marked a weekly gain of N25 for the local currency, which began the week at N1,600 per dollar in the same market. The increase in value reflects a consistent trend seen throughout the week, where the naira gradually strengthened against the United States dollar.
Alongside gains in the parallel market, the naira also performed better in the Nigerian Foreign Exchange Market (NFEM), where it closed at N1,537 per dollar. This rate improved from Thursday’s official figure of N1,543 per dollar, representing a gain of N6 in one day.
According to data from the Central Bank of Nigeria (CBN), the naira has continued to show signs of recovery in both formal and informal exchange platforms. The CBN noted that by the end of the trading week, the naira appreciated by N13 in the official market, having opened the week at N1,550 per dollar.
This week’s currency trend has resulted in a wider difference between the official and parallel market exchange rates. The spread increased slightly to N38 per dollar on Friday, compared to N37 per dollar recorded a day earlier. Though the margin remains a concern for monetary regulators, the steady gain of the naira brings cautious optimism.
