BREAKING: Naira Makes Major Gains, Hits In Parallel Market

BREAKING: Naira Makes Major Gains, Hits In Parallel Market

The Naira saw a significant improvement today, appreciating to N1,555 per dollar in the parallel market, up from N1,685...READ MORE…

per dollar on Thursday.

In the official foreign exchange market, the Naira also gained ground, strengthening to N1,535 per dollar from N1,567 per dollar, reflecting a N32 appreciation.

According to data from the Central Bank of Nigeria (CBN) published by the Daily Nigerian Foreign Exchange Market (NFEM), this shift has narrowed the gap between the parallel market rate and the NAFEM rate, reducing the margin to N20 per dollar from the previous N118 per dollar. This positive movement in the Naira comes as turnover in the I & E market soared by 152%, reaching $2.16 billion in January.