Naira Strengthens to N1,375 per Dollar in Parallel Market

The naira has strengthened to N1,375 for one dollar in the parallel market, up from N1,380 the previous day. In the Nigerian Foreign Exchange Market, the naira also improved to N1,349 per dollar.

According to data from the Central Bank of Nigeria, the official exchange rate fell slightly to N1,349 per dollar from N1,350.45. This shows a small gain of N1.45 for the naira.

The difference between the parallel and official exchange rates has decreased to N29 per dollar, down from N29.55 the day before.

Additionally, the amount of money traded in the Nigerian Foreign Exchange Market increased significantly, rising by over 130 percent to about $232.9 billion from $100.9 billion on Thursday.