The Naira appreciated to N1,493 per dollar on Thursday, marking an increase of N13 in the official foreign exchange market. The Central Bank of Nigeria (CBN) data showed this appreciation from the previous day’s rate of N1,506 per dollar.
The official exchange rate hit the N1,400 per dollar mark in January and May 2024. Following the recent launch of the CBN Foreign Exchange Code, the official rate has been appreciating. In the parallel market, the Naira improved to N1,620 per dollar from N1,630 on Wednesday. As a result, the gap between the parallel market and the official NFEM rate increased to N127 per dollar, up from N124 the previous day.