Naira strengthens to N1,610/$1 in parallel market

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Representing an N20 increase within a day, the Nigerian naira appreciated against the U.S. dollar in the parallel market on Friday, closing at N1,610/$1. The naira closed at N1,630/$1 on Thursday.

The euro also saw a drop, closing at N1,655/€1, marking a 0.91% appreciation of the naira against the European currency.

The British pound weakened slightly against the naira, trading at N2,000/£1 on Friday, down from N2,010/£1 the previous day—a 0.50% decline.

The development comes as the Central Bank of Nigeria (CBN) reported an official exchange rate of N1,493/$1 as of Thursday.