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Naira strengthens against the US dollar as foreign exchange market stabilisesExchange rate gap between official and parallel markets narrows to ₦20 per dollarCentral Bank of Nigeria reports gross external reserves rise to $51.46 billion
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The gap between Nigeria’s official and parallel foreign exchange markets continued to narrow during the week as the naira strengthened against the US dollar, signalling renewed stability in the country’s currency market.
Improved foreign exchange liquidity, stronger external reserves and sustained inflows into the official market helped the local currency post gains across both trading windows, bringing the official and black market exchange rates closer than they have been in months.
Official and parallel market windows narrow the gap to N20 as naira gains. Credit: Picture Alliance/ContributorSource: Getty Images
Naira records fresh gains
At the official Nigerian Foreign Exchange Market (NFEM), the naira
