The Naira recorded a modest gain in the parallel market on Thursday, appreciating to N1,416 per dollar—up from N1,420 the previous day.
However, the currency faced slight pressure in the official Nigerian Foreign Exchange Market (NFEM), where it depreciated to N1,365.1 per dollar, compared to Wednesday’s rate of N1,363.11, according to data from the Central Bank of Nigeria (CBN).
That marginal drop of N1.99 widened the official rate slightly, but the overall spread between both markets narrowed significantly—from N59.11 to just N50.9 per dollar.
In a sign of increased market activity, interbank turnover at the NFEM surged by 31%, rising to $98.8 million from $75.4 million the previous day. The tighter gap and higher turnover suggest improving liquidity and growing alignment between the official and unofficial exchange rates, a positive signal for currency stability.
