The Nigerian naira recorded a modest appreciation in both the parallel and official foreign exchange markets on Friday, reflecting continued stabilization in the currency's value. In the parallel market, the naira strengthened to 1,375 per dollar, up from 1,380 per dollar on Thursday.
Similar gains were observed in the Nigerian Foreign Exchange Market (NFEM), where the currency appreciated to 1,349 per dollar. According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate for the official market dropped to 1,349 per dollar from 1,350.45 per dollar on the previous day, marking a 1.45 naira appreciation.
As a result of these movements, the margin between the parallel and official markets narrowed to 29 naira per dollar, down from 29.55 naira per dollar on Thursday. This reduction indicates a slight convergence in pricing between the two distinct segments of the foreign exchange ecosystem.
Activity in the official market also saw a significant surge, with interbank turnover in the NFEM rising by 130.8 percent. The total value of transactions increased to $232.9 billion, compared to $100.9 billion recorded on Thursday, suggesting heightened liquidity and participation in the formal exchange channels.
<small>Source: Vanguard News — read the original story there.</small>
