OHAFIATV reports that the Nigerian Naira has appreciated significantly against the US Dollar at the parallel foreign exchange market.

According to a Bureau de Change Operator in Abuja, the Naira strengthened to N1570 per dollar on Thursday, gaining N20 from the previous day’s rate of N1590 per dollar.

This marks the largest daily gain for the Naira since the start of the week. Meanwhile, at the official market, the Naira fell to N1,500.65 per dollar on Thursday, down from N1,499.76 the previous day.

After Thursday’s trading, the Naira firmed up by N20 at the black market and dropped by N0.89 at the official market. Observers note that the gap between the official and parallel FX markets has been narrowing in recent days.

The Central Bank of Nigeria’s recent move to strengthen oversight on BDC operators and cap weekly FX sales at $25,000 may have contributed to the Naira’s appreciation.