Naira gains against dollar

The Nigerian naira on Friday appreciated by N5 to N1,375 per dollar from N1,380 in the parallel market the previous day.

Similarly, the naira appreciated to N1,349 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data from the Central Bank of Nigeria (CBN) showed that the indicative exchange rate for the official market fell to N1,349 per dollar from N1,350.45 per dollar on Thursday, indicating N1.45 appreciation for the naira.

Consequently, the margin between the parallel and official markets narrowed to N29 per dollar from N29.55 per dollar on Thursday.

The value of interbank turnover in NFEM rose by 130.8 percent to $232.9 billion from $100.9 billion on Thursday.

This comes as the country’s external reserves dropped to $55.13 billion, according to data from the apex bank.