The Nigerian naira appreciated against the U.S. dollar in the parallel market on Friday, closing at N1,610/$1, compared to N1,630/$1 recorded on Thursday.
This represents a N20 increase within a day.
Similarly, the British pound weakened slightly against the naira, trading at N2,000/£1 on Friday, down from N2,010/£1 the previous day—a 0.50% decline.
The euro also saw a drop, closing at N1,655/€1, marking a 0.91% appreciation of the naira against the European currency.
The latest movement in the parallel market comes as the Central Bank of Nigeria (CBN) reported an official exchange rate of N1,493/$1 as of Thursday.
On Friday, the CBN’s rates indicated that the naira is trading at N1,507.40/$1 (buying rate) and N1,508.40/$1 (selling rate).
The improvement in the parallel market rate suggests increased dollar supply or reduced speculative pressure on the local currency.
(Nairametrics)
