Naira gains against dollar

The Nigerian naira strengthened against the US dollar on Friday, according to data released by the Central Bank of Nigeria. The naira climbed to N1,375 per dollar from N1,380 in the parallel market the day before. In the Nigerian Foreign Exchange Market, the naira reached N1,349 per dollar, reflecting a N1.45 increase from the previous day's rate of N1,350.45.

This improvement resulted in a narrowing of the gap between the parallel and official markets, which dropped to N29 per dollar from N29.55 on Thursday. The volume of interbank turnover in the NFEM surged by 130.8 percent to $232.9 billion, up from $100.9 billion on Thursday. Despite this positive movement, the country's external reserves had fallen to $55.13 billion, as reported by the apex bank.