The Nigerian currency is registering a major turning point. Thursday, The naira reached its highest level of convergence in two years, the gap between the official market and the parallel market, reducing to only 0.29 %. On the black market, the local currency rose to 1,345 naira for Dollar, its best level in three years.

According to traders, the naira appreciated by 25 units, or 1.86%, compared to the rate of 1,370 naira observed the day before on parallel segment. The last time the currency was trading around 1,310 Nairas dates back to October 2023, according to data compiled by BusinessDay.

On the Nigerian Foreign Exchange Market (NFEM), the ticket Green fell slightly to 1,341.35 naira, down from 1,338.11 naira Wednesday, according to the Central Bank of Nigeria.

This movement has reduced the gap between the two markets at around 4 naira, up from 92 naira the week before. One Convergence of such magnitude had not been observed since 4 July 2024, when the rate was 1,520 naira on both segments