Business News
Naira strengthens to N1,395/$ in parallel market
The naira appreciated to N1,395 per dollar in the parallel market on Friday, improving from N1,403 per dollar recorded on Thursday.
The local currency also posted gains in the Nigerian Foreign Exchange Market (NFEM), where it strengthened to N1,370 per dollar.
Data released by the Central Bank of Nigeria (CBN) showed that the indicative exchange rate in the official market dropped to N1,370 per dollar from N1,371.4 per dollar on Thursday, reflecting a N1.4 appreciation for the naira.
As a result, the gap between the parallel market and the official exchange rate narrowed to N25 per dollar, compared to N31.6 per dollar recorded the previous day.
Consequently, the margin between the parallel and official markets narrowed to N25 per dollar from N31.6 per dollar on Thursday.
The interbank turnover at NFEM fell by 17.6 per cent to N70.4 million yesterday from N85.5 million the previous day.
This week the naira strengthened by N15 against the dollar in the official market but remained stable in the parallel market.
Analysts in the financial sector expect the naira to be stable next week.
In their weekly financial market review, analysts at Cowry Asset Management Plc said, “Looking ahead, the naira is expected to remain relatively stable, supported by improved foreign exchange, FX, liquidity and healthy external reserves.”
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