In the unofficial parallel market, the naira weakened today, trading at N1,415 against the dollar compared to the N1,410 rate observed on Thursday. Conversely, the currency saw a slight improvement within the Nigerian Foreign Exchange Market (NFEM).
Figures released by the Central Bank of Nigeria reveal that the official exchange rate strengthened to N1,368 per dollar, up from the N1,368.5 rate recorded the previous day. This represents a gain of 50 kobo for the local currency.
As a result of these fluctuations, the price gap between the parallel and official exchange rates increased to N47 per dollar, up from the previous margin of N41.5. Meanwhile, trading activity in the NFEM grew, with interbank turnover rising by 1.01 percent to reach N58.99 million.
