The naira gained value yesterday in both the parallel market and the Nigerian Foreign Exchange Market (NFEM).
In the parallel market, the local currency appreciated to ₦1,530 per dollar, an improvement from ₦1,537 per dollar recorded on Wednesday.
Similarly, in the NFEM, the naira advanced to ₦1,490 per dollar, compared to ₦1,498 per dollar the previous day. Data released by the Central Bank of Nigeria (CBN) confirmed this, showing an ₦8 appreciation in the official exchange rate.
As a result, the gap between the parallel market rate and the NFEM rate increased slightly, widening to ₦40 per dollar, up from ₦39 per dollar on Wednesday.
