By NIGPOST Staff Writer

The Naira strengthened in the parallel market on Thursday, appreciating to N1,560 per dollar, up from N1,570 per dollar recorded on Wednesday.

However, in the Nigerian Foreign Exchange Market (NFEM), the local currency weakened slightly, closing at N1,540 per dollar.

CBN Exchange Rate Data

According to data released by the Central Bank of Nigeria (CBN), the indicative exchange rate for the Naira edged up to N1,540 per dollar, compared to N1,539 per dollar on Wednesday—marking a marginal N1 depreciation.

Rate Gap Narrows

As a result, the difference between the parallel market rate and the official NFEM rate reduced to N20 per dollar, compared to the N31 gap recorded the previous day.

Outlook on the Naira

Market analysts suggest that the recent appreciation in the parallel market could be linked to increased dollar supply and ongoing CBN interventions.

However, traders continue to monitor fluctuations as demand for foreign exchange remains high.

What do you think about the Naira’s movement? Share your thoughts in the comments!