The naira recorded a modest improvement against the US dollar in the parallel market on Sunday, closing at N1,585 per dollar. This marks a gain of N5 from the previous weekend’s rate of N1,590.
The official exchange rate also moved in favor of the local currency, showing some signs of recovery.
According to data released by the Central Bank of Nigeria (CBN), the official rate in the Nigerian Foreign Exchange Market (NFEM) appreciated to N1,543 per dollar, compared to N1,554 recorded at the close of last week Friday. This means the naira gained N11 on the official market within a short period.
The slight gains in both the official and parallel markets reduced the gap between the two.
Previously, the difference stood at N36 per dollar, but with the recent developments, that margin has now narrowed to N26. This indicates that the two rates are inching closer together, a development many analysts see as a positive sign for currency stability.
