Naira Strengthens to ₦1,396/$ in Parallel Market as Official-Parallel Gap Narrows Sharply
The Nigerian naira appreciated against the US dollar in the parallel market, trading at ₦1,396 per dollar yesterday, compared to ₦1,400 per dollar last Thursday. This modest gain in the informal (parallel or black) market reflects continued resilience in parts of the foreign exchange segment amid ongoing market dynamics. In contrast, the naira depreciated slightly in the official Nigerian Foreign Exchange Market (NFEM). Data from the Central Bank of Nigeria (CBN) showed the indicative exchange rate rising to ₦1,389 per dollar from ₦1,382.75 per dollar recorded last Thursday — a depreciation of ₦6.25.1dba43 The margin between the parallel and official markets narrowed significantly to just ₦5 per dollar, down from ₦17.25 per dollar last Thursday. This tighter spread signals improving alignment between the two windows and reduced arbitrage opportunities. Activity in the interbank market also moderated, with the number of deals falling to 71 — an 18% decline from the 87 deals record...