The Nigerian naira showed signs of improvement in the parallel (black) market, gaining strength against the US dollar for three consecutive days and closing the week on a positive note.
On Friday, the exchange rate stood at ₦1,565 per dollar, an improvement from ₦1,570 on Thursday.
This means the naira appreciated by ₦5 within a day. Over the past three days, the local currency has gained a total of ₦15 against the dollar in the black market, showing a steady upward trend.
Despite this positive movement in the parallel market, the official exchange rate continued to weaken. According to data from the Central Bank of Nigeria, the naira depreciated further, reaching ₦1,507.88 per dollar on Thursday, compared to ₦1,504.30 on Wednesday.
This mixed trend highlights the ongoing instability in Nigeria’s foreign exchange market, where the naira is performing differently in the parallel and official markets.
While the strengthening of the currency in the black market brings some relief, the decline in the official rate suggests that more efforts are needed to stabilize the naira across all markets.
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