On Friday, the naira increased in value compared to the dollar in the parallel foreign exchange market. It gained N145, representing a 12.24 percent rise, and was trading at N1,040 per dollar. This is an improvement from the N1,185 rate recorded on Tuesday, All Nigeria Latest News reports.

According to Bureau De Change (BDC) operators in Lagos, the buying price for the dollar was N1000, and the selling price was N1,040, resulting in a profit margin of N40.

In the investors and exporters (I&E) window of the official market, the Nigerian naira experienced a decline of 0.92 percent, trading at N793.28 per dollar. This is a decrease from its previous trading value of N786.02 recorded on Wednesday.

Data provided by the FMDQ Securities Exchange, which monitors foreign exchange trading in Nigeria, revealed that the naira reached an all-time high of N1,018 per dollar during intra-day trading. However, it also reached a low of N730.

The appreciation of the naira in the black market has reduced the exchange rate gap between the parallel market and the official window to N246.72.

The development comes a day after the Central Bank of Nigeria (CBN) started clearing the foreign exchange (FX) forwards backlog in banks.

Wale Edun, the minister of finance, on September 22, had linked the continued decline in the value of the naira to overdue forward payments.

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