Naira rises to N1,545/$ as gap between parallel, official rates narrows

The naira appreciated in both the parallel and official foreign exchange markets on Friday, reflecting a modest strengthening of the currency against the US dollar.

In the parallel market, the Naira rose to N1,545 per dollar, up from N1,552 per dollar recorded on Thursday.

Meanwhile, in the Nigerian Foreign Exchange Market (NFEM), the naira strengthened to N1,531 per dollar from N1,533 per dollar on the previous trading day, according to data released by the Central Bank of Nigeria (CBN).

The appreciation of N2 in the NFEM contributed to a narrowing of the margin between the parallel market and the official exchange rate.

The gap, which stood at N19.80 per dollar on Thursday, decreased to N14 per dollar on Friday, signalling a closer alignment between official and market rates.

Analysts note that the narrowing margin may influence trading patterns in both markets and could affect the demand for foreign currency in the short term.

The Central Bank of Nigeria continues to monitor foreign exchange developments as part of its efforts to maintain market stability.