The Naira showed signs of recovery in Nigeria’s foreign exchange market yesterday, improving to N1,685 per dollar in the parallel market, a slight gain compared to its value of N1,695 per dollar the previous day.
In the official foreign exchange market, the Naira also strengthened significantly, climbing to N1,567 per dollar.
According to data released by the Central Bank of Nigeria (CBN) from its Daily Nigerian Foreign Exchange Market (NFEM) report, this improvement marks a four-day streak of appreciation. The currency rose from N1,660 per dollar on Monday, registering a total gain of N93 within the week.
This upward trend highlights growing confidence in the currency despite ongoing challenges in the Nigerian economy. However, the gap between the parallel market rate and the official NAFEM rate widened during this period, increasing from a difference of N87 per dollar on Wednesday to N118 per dollar yesterday.
