The naira strengthened to N1,600 per dollar in the parallel market on Friday, up from N1,610 per dollar on Thursday. Similarly, it appreciated to N1,589 per dollar in the Nigerian Foreign Exchange Market (NFEM). According to data from the Central Bank of Nigeria (CBN), the official exchange rate dropped to N1,589 per dollar from N1,605 per dollar on Thursday, reflecting a N6 gain. As a result, the gap between the parallel market and NFEM rates narrowed to just N1 per dollar, compared to N5 per dollar on Thursday.