By Elizabeth Adegbesan

The naira on Friday appreciated to N1,525 per dollar in the parallel market from N1,530 per dollar recorded on Thursday.

Similarly, the local currency strengthened to N1,488 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data from the Central Bank of Nigeria (CBN) showed that the exchange rate in the NFEM improved to N1,488 per dollar from N1,490 per dollar on Thursday, indicating a N2 appreciation.

As a result, the gap between the parallel market and NFEM rates narrowed to N37 per dollar, down from N40 per dollar the previous day.