The Naira strengthened in the parallel market on Thursday, appreciating to ₦1,560 per dollar from ₦1,570 per dollar recorded the previous day.
However, in the Nigerian Foreign Exchange Market (NFEM), the currency experienced a slight decline, trading at ₦1,540 per dollar, reflecting a marginal depreciation.
According to data released by the Central Bank of Nigeria (CBN), the indicative exchange rate climbed to ₦1,540 per dollar on Thursday, compared to ₦1,539 per dollar on Wednesday, marking a minor drop of ₦1 in value.
As a result, the exchange rate gap between the parallel market and NFEM narrowed to ₦20 per dollar, a significant reduction from the ₦31 per dollar spread observed the previous day.
