The Naira today appreciated to N1,477 per dollar in the parallel market. This marks a gain from the N1,480 per dollar rate recorded on Thursday.

Conversely, the Naira experienced a slight depreciation in the Nigerian Foreign Exchange Market, where it settled at N1,455.5 per dollar.

Data published by the Central Bank of Nigeria showed that the exchange rate for the Naira rose slightly to N1,455.5 per dollar from N1,455.25 per dollar the previous day. This movement indicates a 25 kobo depreciation for the Naira in the official window.

Consequently, the margin between the parallel market rate and the NFEM rate narrowed to N21.5 per dollar. This is a reduction from the N24.75 per dollar difference recorded on Thursday.