The Naira strengthened in the parallel market on Thursday, appreciating to N1,565 per dollar, an improvement from N1,570 per dollar recorded on Wednesday.
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However, in the Nigerian Foreign Exchange Market (NFEM), the local currency declined, trading at N1,515.06 per dollar, compared to N1,511.63 per dollar the previous day. This reflects a depreciation of N3.43.
According to data from FMDQ Exchange, the gap between the parallel market rate and the official exchange rate narrowed to N49.94 per dollar, down from N58.37 per dollar on Wednesday.
