Naira hikes to N1,570/$ in parallel market

The naira strengthened in the parallel market on Thursday, appreciating to ₦1,570 per dollar from ₦1,580 on Wednesday.

However, in the Nigerian Foreign Exchange Market (NFEM), the naira recorded its first decline after a week of gains, weakening to ₦1,525 per dollar.

According to data from the Central Bank of Nigeria (CBN), the official exchange rate edged up to ₦1,527.50 per dollar from ₦1,525, reflecting a ₦2.50 depreciation.

As a result, the gap between the parallel market and the NFEM rate narrowed to ₦42.50 per dollar, down from ₦55 the previous day.