The Naira strengthened against the U.S. dollar in the parallel market, trading at N1,550 per dollar, an improvement from the previous weekend’s rate of N1,555 per dollar.
However, in the official foreign exchange market, the Naira experienced a slight depreciation.
According to data from the Daily Nigerian Foreign Exchange Market (NFEM), published by the Central Bank of Nigeria (CBN), the indicative exchange rate weakened to N1,538 per dollar compared to N1,535 per dollar last Friday. This reflects a decline of N3 within the week.
The narrowing gap between the official market rate and the parallel market rate is also noteworthy. Last weekend, the difference was N20 per dollar, but this has now reduced to N12 per dollar.
