The naira on Friday slipped further in the parallel market, trading at ₦1,560 per dollar compared to ₦1,555 on Thursday, widening the gap between unofficial and official rates.
However, the local currency strengthened in the Nigerian Foreign Exchange Market (NFEM), appreciating to ₦1,530 per dollar from Thursday’s ₦1,534, according to data from the Central Bank of Nigeria (CBN). This marks a ₦4 gain for the naira in the official market, expanding the margin between the two markets to ₦30 per dollar from ₦21 the previous day.
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Week-on-week, the naira gained ₦8 in the NFEM, after opening at ₦1,538.4 per dollar on Monday. In contrast, the parallel market recorded no net movement over the same period, with the currency opening and closing the week at ₦1,560 per dollar.
Analysts say the widening rate gap may fuel speculative trading, while sustained official market gains could signal improved foreign exchange liquidity in the days ahead.