The Naira weakened to N1,660 per dollar in the parallel market yesterday, down from N1,655 per dollar on Thursday.
However, it strengthened to N1,535 per dollar in the official foreign exchange market. Data from the Central Bank of Nigeria (CBN) revealed that the exchange rate in the Nigerian Foreign Exchange Market (NFEM) improved to N1,535 per dollar from N1,538.5 per dollar on Thursday, reflecting a N3.5 gain for the Naira.
As a result, the gap between the parallel market and NFEM rates widened to N125 per dollar, compared to N116.5 per dollar on Thursday.
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