The naira sustained its rally to close last week at 1,465/$ at the official market on the back of a softer U.S. dollar, caused by weaker-than-expected U.S. economic data and a government shutdown, and stronger foreign exchange inflows, which eased pressure on demand.
Likewise, at the parallel market, the legal tender strengthened 3.8 per cent week on week to close at N1,460.00/$1.00. Thus, bringing the gap between official and parallel rates fell to a negative 5.68/$1 from a positive 34.34/$1.
According to analysts, this suggests easing speculative pressure and improved confidence in the official market.