Naira strengthens to N1,665 against Dollar as parallel market gap widens

The Naira appreciated in value against the dollar on Friday, trading at N1,665 per dollar in the parallel market, up from N1,685 the previous day.

This reflects a positive shift for the local currency as it continues to regain strength.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also improved, closing at N1,631.21 per dollar, a marked appreciation from Thursday’s rate of N1,659.26 per dollar.

This represents a gain of N28.05 for the Naira.

According to data from FMDQ, the indicative exchange rate for NAFEM showed a decline to N1,631.21 per dollar, reflecting a more robust performance for the Naira.

However, despite the currency’s gains, there was a significant decline in the volume of dollars traded in the official market.

The turnover dropped by 47%, falling from $450.39 million on Thursday to $238.36 million on Friday.

As a result, the gap between the parallel market rate and the NAFEM rate widened, increasing from N25.74 per dollar on Thursday to N33.79 per dollar on Friday.