The naira strengthened to N1,600 per dollar at the parallel market on Friday, marking a 6.7% appreciation from N1,715/$ recorded on December 5.
Bureau de change operators in Lagos quoted the dollar’s buying rate at N1,570 and the selling rate at N1,600, with a margin of N30. This is the lowest exchange rate for the greenback since August 13, when it traded at N1,595/$.
In the first week of December, the naira showed consistent improvement, appreciating to N1,730/$ on Monday, N1,725/$ on Tuesday, and N1,695/$ on Wednesday before a brief reversal to N1,715/$ on Thursday.
In the official market, the naira also gained steadily, closing at N1,535/$ on Friday after starting the week at N1,660/$. The recent uptrend is linked to the Central Bank of Nigeria’s (CBN) implementation of the electronic foreign exchange matching system (EFEMS), which launched on December 1.
CBN Governor Olayemi Cardoso emphasized that the EFEMS initiative underscores the bank’s commitment to fostering fair and efficient markets.
