The naira appreciated in both the parallel market and the Nigerian Foreign Exchange Market (NFEM) today.
In the parallel market, the naira strengthened to ₦1,545 per dollar, gaining ₦5 from ₦1,550 recorded last weekend.
Similarly, data from the Central Bank of Nigeria (CBN) shows the official rate improved to ₦1,528.65 per dollar from ₦1,532 last Friday—an appreciation of ₦3.35.
As a result, the exchange rate gap between the official and parallel markets narrowed to ₦16.35 per dollar, compared to ₦18 over the weekend.
The development reflects improved market sentiment and may signal growing stability in the foreign exchange market.
