The naira appreciated to ₦1,560 per US dollar in the parallel market on Friday, gaining ₦5 from the previous day’s rate of ₦1,565.
Similarly, in the Nigerian Foreign Exchange Market (NFEM), the naira closed stronger at ₦1,534 per dollar.
Meanwhile, data from the Central Bank of Nigeria (CBN) showed a slight depreciation in the official rate, which inched up to ₦1,535.5 per dollar on Friday from ₦1,534 recorded on Wednesday—representing a ₦1.5 loss.
Consequently, the gap between the parallel market and NFEM rates narrowed to ₦24.5, compared to ₦31 on Thursday.
Over the week, the naira depreciated by ₦30 in the parallel market, following a modest gain of 50 kobo in the previous week. On the official side, the naira remained relatively stable, with no significant movement throughout the week.
0 Comments