On Friday, the Naira made significant gains against the dollar, rising to N1,555/$ in the parallel market, a notable increase from N1,685/$ recorded on Thursday.
In the official foreign exchange market, the Naira also strengthened, appreciating to N1,535/$, according to the Daily Nigerian Foreign Exchange Market (NFEM) data released by the Central Bank of Nigeria (CBN).
This represents a substantial improvement of N32, as the indicative exchange rate strengthened from N1,567/$ on Thursday to N1,535/$.
The narrowing of the gap between the parallel market and the official NAFEM rate was particularly striking, with the margin shrinking to N20/$, down from the N118/$ difference observed on Thursday.
This development indicates a positive trend for the Naira, alleviating pressures on currency exchange rates in both markets.
