The Naira has appreciated to N1,550 per dollar in the parallel market, rising from N1,555 per dollar on Thursday. However, in the Nigerian Foreign Exchange Market (NFEM), the Naira depreciated to N1,532 per dollar, down from N1,531 per dollar the previous day.

This change has narrowed the margin between the parallel market and NFEM rates to N18 per dollar, down from N24 per dollar. Although the Naira weakened by N2.5 against the dollar earlier this week in the parallel market, it gained N15 after opening at a depreciation of N1,565 per dollar in the official market.

Both markets have seen the Naira remain within the N1,500 per dollar threshold this week. Analysts attribute this stability to the Central Bank of Nigeria’s interventions aimed at saving the Naira.

In their review and outlook, analysts at Afrinvest West Africa Limited noted that the CBN has successfully kept the exchange rate between N1,550.10 and N1,620 per dollar, a significant improvement compared to the volatility seen in previous years. They have revised their average exchange rate projection for 2025 to N1,577.25 per dollar, citing factors such as improved market transparency and reduced demand for foreign exchange in energy imports.