The Nigerian naira has recorded significant appreciation against the US dollar across both the official and parallel foreign exchange markets, ending the trading week on a positive note.

According to data from the Central Bank of Nigeria (CBN), the naira strengthened to N1,580.44 per dollar on Friday from N1,584.95 traded on Thursday at the official market, representing a gain of N4.51.

Similarly, in the parallel market (also known as the black market), the naira appreciated by N10, trading at N1,615 per dollar on Friday compared to N1,625 recorded the previous day.

With these latest movements, the exchange rate gap between the official and parallel markets has narrowed to N34.56 as of Friday's close of business.

The week under review has seen mixed performance for the naira, with alternating gains and losses against the dollar in both markets. This recent appreciation comes amid ongoing efforts by the CBN to stabilize the foreign exchange market.

Financial analysts have noted that the narrowing gap between the official and parallel markets indicates improving liquidity conditions and could signal progress in the central bank's efforts to achieve exchange rate convergence.

The CBN, under the leadership of Olayemi Cardoso, has implemented various measures aimed at stabilizing the naira and creating a more competitive payment system, which may be contributing to the currency's recent positive performance.

Market watchers will be monitoring closely to see if this appreciation trend continues into the next trading week, as currency stability remains crucial for Nigeria's economic outlook and inflation management.