The Nigerian currency experienced contrasting movements across exchange markets on Thursday. In the parallel market, the Naira strengthened slightly to ₦1,560 per dollar from ₦1,570 the previous day.
However, it weakened marginally in the official Nigerian Foreign Exchange Market (NFEM), declining to ₦1,540 per dollar from Wednesday’s ₦1,539 rate.
According to Central Bank of Nigeria (CBN) data, this ₦1 depreciation in the official market reduced the gap between parallel and official rates to ₦20 per dollar, down from ₦31 on Wednesday.