The naira yesterday rose to a 22-month high in the official foreign exchange market, appreciating to N1,394 per dollar at the Nigerian Foreign Exchange Market (NFEM).
This level marks the naira’s strongest performance since April 2024, reflecting renewed gains in the official segment of the market. Data from the Central Bank of Nigeria (CBN) showed that the indicative exchange rate strengthened to N1,394 per dollar, improving from N1,409.5 per dollar recorded on Tuesday. This represents a N15.5 appreciation for the local currency. At the parallel market, the naira also posted a marginal gain, appreciating to N1,485 per dollar from N1,488 per dollar on the previous day.
Despite the gains across both markets, the spread between the official and parallel market rates widened to N91 per dollar, compared with N78.5 per dollar recorded on Tuesday.
