The Nigerian Naira strengthened today, appreciating to N1,545 per dollar in the parallel market from N1,552 per dollar recorded on Thursday.

Similarly, the Naira also gained value in the Nigerian Foreign Exchange Market (NFEM), rising to N1,531 per dollar from N1,533 per dollar the previous day, according to data released by the Central Bank of Nigeria (CBN). This marks a N2 appreciation in the official exchange rate.

As a result, the gap between the parallel market rate and the official NFEM rate narrowed to N14 per dollar, down from N19.80 per dollar on Thursday.