By Elizabeth Adegbesan
The naira appreciated to N1,395 per dollar in the parallel market yesterday from N1,405 on Thursday, strengthening by N10 against the dollar.
However, the currency remained stable at N1,322.5 per dollar in the Nigerian Foreign Exchange Market, NFEM, according to data from the Central Bank of Nigeria, CBN.
Consequently, the gap between the parallel and official exchange rates narrowed to N72.5 per dollar from N82.5 on Thursday.
Trading activity in the official market also increased, with interbank turnover reported at N113.9 million.
On a weekly basis, the naira gained N13 against the dollar in the official market but weakened by N3 in the parallel market.
Meanwhile, financial sector analysts said the near-term outlook for the naira remained cautiously positive, citing improved foreign exchange liquidity, rising external reserves and elevated crude oil prices as factors likely to continue supporting the currency.
They, however, noted that developments in the foreign exchange market would remain dependent on liquidity conditions and movements in global oil prices.
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