The Naira gained strength yesterday, rising to ₦1,460 per dollar in the parallel market, an improvement from ₦1,470 per dollar recorded on Monday.
The upward movement was also reflected in the official Nigerian Foreign Exchange Market (NFEM), where the Naira appreciated to ₦1,447 per dollar.
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Fresh data from the Central Bank of Nigeria (CBN) shows that the official exchange rate improved by ₦3, moving from ₦1,450 on Monday to ₦1,447.
With both markets experiencing appreciation, the gap between the NFEM and the parallel market narrowed significantly — dropping from ₦20 per dollar to ₦13 per dollar.
This convergence signals growing stability and improved confidence in the Nigerian currency.
