On Friday, the Nigerian naira saw a recovery in the parallel market, reaching N1,412 to the dollar, an improvement from the N1,416 rate observed the previous day.
The currency also experienced gains within the Nigerian Foreign Exchange Market (NFEM), settling at N1,364 per dollar. Official figures released by the Central Bank of Nigeria (CBN) confirmed this rate, showing a slight increase from the N1,365.10 recorded on Thursday, which marks a recovery of N1.10.
This shift resulted in a smaller disparity between the informal and official exchange rates, which closed at N48 per dollar, down from the previous gap of N50.90. Additionally, trading activity surged at the NFEM, with interbank turnover climbing by 298.2 per cent to reach $393.5 million on Thursday, a significant jump from Wednesday’s $98.8 million volume.
