The Naira to Dollar exchange rate today, Thursday shows the Nigerian currency gaining ground against the US dollar at both the parallel market and the Nigerian Foreign Exchange Market (NFEM).
The naira appreciated to N1,370 per dollar in the parallel market, up from N1,375/$ recorded on Tuesday, according to a report by Vanguard.
At the official market, the naira also strengthened, with the exchange rate moving to N1,329.50/$ from N1,331/$ recorded on Tuesday.
Data from the Central Bank of Nigeria (CBN) showed that the indicative exchange rate declined by N1.50 per dollar, reflecting an appreciation of the naira against the US currency.
Following the latest movement, the gap between the parallel-market and official exchange rates narrowed to N40.50 per dollar, compared with N44/$ previously.
The development means that the difference between the two major market rates has reduced by N3.50 per dollar, indicating a smaller spread between the parallel and official markets.
Read also:
- Naira Gains In Parallel Market But Loses Ground At Official Market
- Naira Trades At ₦1,321.44 As Parallel Market Hits ₦1,385
- Dollar to Naira Exchange Rate Today: Official Rate Last Closed at ₦1,329.51
Meanwhile, trading activity in the official foreign exchange market increased significantly during the period under review.
NFEM interbank turnover rose by 122.6 per cent, climbing to $179.6 million from $80.6 million recorded on Tuesday.
For Nigerians monitoring the Naira to Dollar exchange rate today, the latest figures indicate that the naira has recorded gains in both markets, although the parallel-market rate remains higher than the official NFEM rate.
At the parallel-market rate of N1,370/$, $100 is equivalent to N137,000, while the same $100 at the official rate of N1,329.50/$ is equivalent to N132,950.
The latest exchange-rate movement comes amid continued attention to developments in Nigeria’s foreign exchange market and the performance of the naira against major international currencies.
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