Naira hikes to N1,685/$ in parallel market

The Naira strengthened to N1,685 per dollar in the parallel market on Thursday, up from N1,695 per dollar on Wednesday.

In the official foreign exchange market, the Naira also appreciated to N1,567 per dollar. Data from the Central Bank of Nigeria (CBN) on the Daily Nigerian Foreign Exchange Market (NFEM) revealed that the Naira had appreciated for four consecutive days, rising from N1,660 per dollar on Monday, reflecting a N93 gain this week.

As a result, the gap between the parallel market rate and the NAFEM rate widened to N118 per dollar, compared to N87 per dollar on Wednesday.