Naira rises, now N1,405/$ in parallel market
Naira Gains Value Against Dollar in Parallel and Official Markets
By Elizabeth Adegbesan
The Nigerian naira strengthened on Thursday, appreciating to 1,405 naira per dollar in the parallel market, up from 1,410 naira observed on Wednesday. Meanwhile, in the Nigerian Foreign Exchange Market (NFEM), the naira rose to 1,322.5 naira per dollar, a slight increase from 1,324.5 naira the previous day.
According to data from the Central Bank of Nigeria (CBN), the official indicative exchange rate also reflected this trend, showing a 2-naira appreciation of the naira. As a result, the gap between the parallel and official exchange rates narrowed to 82.5 naira per dollar from 85.5 naira on Wednesday.
The trading volume in the interbank segment of the NFEM increased significantly, rising by 62.2 percent to 152.04 million naira on Thursday, up from 93.7 million naira the previous day.
