The Naira saw an improvement in the parallel market, strengthening to N1,560 per dollar from N1,570 per dollar the previous day. However, in the official Nigerian Foreign Exchange Market (NFEM), the currency experienced a slight depreciation, falling to N1,540 per dollar compared to N1,539 per dollar recorded on Wednesday.
Data released by the Central Bank of Nigeria (CBN) noted this shift, indicating that the Naira lost N1 in the official market. This movement comes amid ongoing fluctuations in the foreign exchange market, influenced by various economic factors, including demand and supply pressures.
With this latest adjustment, the gap between the exchange rates in the parallel market and the official market has narrowed significantly. On Wednesday, the difference stood at N31 per dollar, but with the Naira’s recent appreciation in the parallel market and its slight drop in the NFEM, the gap has now reduced to N20 per dollar.
