The naira appreciated marginally against the United States dollar in the parallel market on Thursday, strengthening to ₦1,416/$1 from ₦1,420/$1 recorded on Wednesday.
However, the local currency weakened slightly in the Nigerian Foreign Exchange Market (NFEM), according to figures released by the Central Bank of Nigeria (CBN).
The CBN data showed that the indicative exchange rate closed at ₦1,365.10/$1, compared with ₦1,363.11/$1 on Wednesday, reflecting a depreciation of ₦1.99 at the official market.
As a result, the gap between the parallel market and the official exchange rate narrowed to ₦50.90/$1, down from ₦56.89/$1 recorded the previous day.
Meanwhile, trading activity in the official foreign exchange market improved, with interbank turnover rising by 31 per cent to $98.8 million on Thursday from $75.4 million recorded a day earlier.
