The naira continued its upward momentum on Friday, appreciating to ₦1,480 per dollar in the parallel market from Thursday’s rate of ₦1,487 per dollar.
The improvement in the local currency’s value reflects renewed confidence in the foreign exchange market, as demand pressure appeared to ease slightly among traders and end users.
Similarly, the naira also strengthened in the Nigerian Foreign Exchange Market (NFEM), trading at ₦1,458 per dollar compared to ₦1,464 per dollar recorded the previous day.
According to data released by the Central Bank of Nigeria, the new rate represents a ₦6 gain for the local currency in the official market, continuing the positive trend seen earlier in the week.
This development comes amid sustained efforts by the CBN to stabilize the foreign exchange market through various interventions, including increased monitoring of market activities and improved transparency in forex transactions.
The apex bank has maintained that the long-term goal is to achieve a unified exchange rate and ensure greater liquidity in the system.
With the latest adjustment, the gap between the parallel market and the NFEM rate has narrowed to ₦22 per dollar from ₦23 per dollar the previous day.
Market analysts view this as a positive sign, suggesting that the difference between the official and black-market rates could further shrink if the current momentum is sustained.
Overall, the naira gained ₦6 against the dollar in the official market this week while remaining relatively stable in the parallel market.
Analysts believe that if the CBN continues its reform-driven approach and foreign inflows improve, the local currency could experience further appreciation in the coming weeks.
