The Naira continued its upward trend against the US dollar in the parallel foreign exchange market on Friday.
A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, confirmed that the Nigerian currency appreciated to N1,565 per dollar at the close of trading on Friday, improving from N1,570 recorded the previous day.
This represents a N5 gain for the Naira compared to Thursday's exchange rate.
Meanwhile, in the official foreign exchange market, the Naira closed at N1,500.41 per dollar on Friday, slightly weakening from N1,499.98 on Thursday, according to data from the Central Bank of Nigeria (CBN).
A comparison of rates across the foreign exchange market indicates that the gap between the official and parallel market rates has now narrowed to N64.59.
Over the past five days, the Naira has shown significant appreciation, with the most notable gain recorded on Thursday.
The recent strengthening of the Naira is believed to be linked to the CBN's new FX Code and its policy extending foreign exchange sales to Bureau de Change (BDC) operators.
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