- Naira appreciates: The Nigerian Naira has appreciated in value, trading at N1,660 per dollar in the parallel market.
- Official market rate: In the official foreign exchange market, the Naira traded at N1,531 per dollar.
- Appreciation margin: The Naira appreciated by N17 in the official market.
- Widening margin: The margin between the parallel market and official market rate widened to N129 per dollar.
The Nigerian Naira has appreciated in value, trading at N1,660 per dollar in the parallel market, up from N1,665 per dollar on Thursday. In the official foreign exchange market, the Naira also gained strength, trading at N1,531 per dollar .
According to data from the Central Bank of Nigeria (CBN), the exchange rate for the Nigerian Foreign Exchange Market (NFEM) fell to N1,531 per dollar, indicating a N17 appreciation for the Naira. However, the margin between the parallel market and NFEM rate widened to N129 per dollar .
This development comes as the CBN continues to intervene in the foreign exchange market, selling over $300 million to banks to boost liquidity. The move is aimed at stabilizing the Naira and reducing the demand for foreign currency .
