The Nigerian naira saw gains today, trading at N1,395 against the dollar in the parallel market, an improvement from Thursday’s N1,403 rate. A similar upward trend was observed in the Nigerian Foreign Exchange Market (NFEM).
Central Bank of Nigeria (CBN) figures reveal that the official indicative exchange rate shifted to N1,370 per dollar, down from N1,371.4 on Thursday. This reflects an appreciation of N1.4 for the currency. As a result, the price gap between the parallel and official rates shrunk to N25, compared to N31.6 the previous day.
Trading volume at the NFEM dropped by 17.6 percent, moving from N85.5 million to N70.4 million. Throughout the week, the naira grew by N15 in the official sector, while maintaining steady levels in the parallel market. Financial experts at Cowry Asset Management Plc anticipate continued stability for the naira, citing strong external reserves and better foreign exchange liquidity.
