Today, the naira strengthened to N1,560 per dollar in the parallel market, up from N1,590 per dollar on Thursday.However, the naira fell to N1,502.5 per dollar in the Nigerian Foreign Exchange Market (NFEM).
According to data issued by the Central Bank of Nigeria (CBN), the indicative exchange rate for the naira increased to N1,502.5 per dollar from N1,502 per dollar on Thursday, representing a 50-kobo devaluation.
As a result, the spread between the parallel market and the NFEM rate increased to N57.5 per dollar from 88 kobo per dollar on Thursday. The Naira has been oscillating this week in both the parallel and official market segments.
Meanwhile, black market merchants attributed the parallel market’s rise to low demand and a big supply of dollars. They predicted that the naira would reach N1,500 per dollar next week.
