Naira gains against dollar, exchanges for N1,530/$ in parallel market

The Naira appreciated to N1,530 per dollar in the parallel market today, strengthening from N1,540 per dollar recorded on Thursday.

However, in the Nigerian Foreign Exchange Market (NFEM), the Naira depreciated, trading at N1,502.5 per dollar, compared to N1,496 per dollar the previous day. This reflects a N6.5 loss in value, according to data published by the Central Bank of Nigeria (CBN).

As a result, the exchange rate gap between the parallel market and the official market narrowed to N27.5 per dollar, down from N44 per dollar on Thursday.

The fluctuating exchange rates highlight the ongoing volatility in Nigeria’s forex market as stakeholders continue to monitor the Naira’s performance.