The Naira appreciated against the U.S. dollar on Thursday in both the official and parallel foreign exchange markets.
In the Nigerian Foreign Exchange Market (NFEM), the local currency closed at N1,490 per dollar, strengthening from Wednesday’s rate of N1,498/$, according to data published by the Central Bank of Nigeria (CBN). This represents an N8 gain for the naira.
Similarly, in the parallel market, the naira rose to N1,530 per dollar, compared to N1,537/$ on Wednesday.
However, the margin between the parallel market and the official rate widened slightly to N40 per dollar, up from N39 the previous day.