Naira Strengthens to N1,660 per US Dollar

The Nigerian Naira has gained strength, reaching N1,660 per US dollar, signaling a shift in the nation’s currency market dynamics.

The Naira saw a modest gain in the parallel market, trading at N1,660 per United States dollar on Friday, down from N1,665 per dollar the day before.

In the official foreign exchange market, the local currency appreciated, climbing to N1,531 against the dollar.

The Central Bank of Nigeria (CBN) reported that the exchange rate in the Nigerian Foreign Exchange Market (NFEM) strengthened to N1,531 per dollar from N1,548 on Thursday, marking a N17 gain for the Naira.

Consequently, the difference between the parallel market rate and the NFEM rate broadened, rising to N129 per dollar from N117 per dollar recorded on Thursday.