Nigerian: Naira Strengthens Against Dollar in Parallel Market

The Naira continued its upward trajectory against the U.S. Dollar in the parallel foreign exchange market, marking a significant appreciation.

On Friday, the local currency recorded its biggest weekly gain against the dollar in the black market. A Bureau de Change operator in Wuse Zone, Abuja, reported that the Naira closed at ₦1,565 per dollar, improving from ₦1,570 traded on Thursday.

Meanwhile, in the official foreign exchange market, the Naira closed at ₦1,500.41 per dollar on Friday, slightly strengthening from ₦1,499.98 on Thursday, according to data from the Central Bank of Nigeria (CBN).

A market-wide comparison indicates that the gap between the official and parallel exchange rates has narrowed to ₦64.59, reflecting a convergence trend in the forex market.