The naira, on Friday, appreciated to N1,600 to the US dollar at the parallel section of the foreign exchange (FX) market.
The currency appreciated by a 6.70 per cent gain from N1,715/$ recorded on December 5.
Bureau de change (BDC) operators in the country’s commercial hub, Lagos, bought the dollar at N1,570 and sold at N1,600 — leaving a profit margin of N30.
The dollar rate represents the lowest price since mid-August when the naira traded at N1,595/$.
In the first week of December, the naira experienced a positive outing in the parallel market.
According to traders in the parallel market, the local currency appreciated to N1,730/$ on Monday — from N1,735/$ traded on November 29.
The naira appreciated further, trading at N1,725/$ on Tuesday, and N1,695/$ on Wednesday.
However, on Thursday, the naira reversed the appreciation streak, declining to N1,715/$.
In the official window, the naira appreciated from December 2 to December 6.
The naira traded at N1,672 per dollar on November 29, however, data from the newly introduced electronic foreign exchange matching system (EFEMS) platform, showed that the naira appreciated to N1,660/$ on Monday.
The local currency extended its gains to Tuesday, settling at N1,625/$ at the close of business, before appreciating further to N1,608/$ on Wednesday and N1,567/$ on Thursday.
At the close of trading on Friday, the naira appreciated to N1,535/$.
On October 3, the CBN announced the introduction of the EFEMS FX matching system, which kicked off on December 1.
Olayemi Cardoso, governor of the CBN said the apex bank’s decision to implement the EFEMS was an indication that the financial regulator is serious about fair and efficient markets.
