By Elizabeth Adegbesan

The naira appreciated on Thursday to ₦1,590 per dollar in the parallel market, gaining ₦20 from ₦1,610/$ recorded on Wednesday.

This marks the third time the local currency has rebounded to the ₦1,500/$ range since February 2024.

In contrast, the naira depreciated slightly in the Nigerian Foreign Exchange Market (NFEM), closing at ₦1,554/$, compared to ₦1,545/$ the previous day — a ₦9 decline.

According to data released by the Central Bank of Nigeria (CBN), the gap between the official and parallel market rates narrowed significantly to ₦36 per dollar, down from ₦70 the day before.

The improved performance in the parallel market suggests growing confidence in the naira, even as fluctuations persist in the official window.