The naira strengthened to 1,494.03/$ at the official window on Thursday according to data from FMDQ Securities Exchange Limited.
Similarly, it appreciated at the parallel market to 1,510.00/$, further reducing the spread between the markets to 15.5/$.
The gap between the official foreign exchange and the parallel market rates is closing, following the various policies of the Central Bank of Nigeria.
According to CardinalStone Research’s daily market report, the naira rate appreciated by 1.04 per cent to 1,494.03/$ on the official window, while the parallel market rate also appreciated by 1.66 per cent to 1,510.00/$.
The naira had maintained the upswing at the previous day’s trading. On the FMDQ, the naira rose by 0.05 per cent to 1,509.53/$, while the parallel market rate appreciated by 0.65 per cent to N1,535.00/$.
The recent directive of the CBN extending dollar sales to Bureau De Change Operators till May 30, 2025 has been fingered as a major contributor to the strengthening of the naira.
