The Naira has shown slight improvement in the parallel market, appreciating to N1,660 per dollar compared to N1,662 recorded last weekend. However, in contrast, the currency witnessed a decline in value within the official foreign exchange market.
Data released by the Central Bank of Nigeria (CBN) on its Daily Nigerian Foreign Exchange Market (NFEM) revealed that the indicative rate for the Naira fell to N1,550 per dollar, a drop from the N1,540 per dollar rate recorded last weekend. This signifies a depreciation of N10 within the official market.
Similarly, figures obtained from the FMDQ Exchange, a key platform for monitoring exchange rates, showed a decline in the Naira’s performance. According to the data, the indicative exchange rate weakened to N1,545.1 per dollar, marking a significant drop from the N1,533 per dollar reported last Friday.
As a result of these movements, the gap between the parallel market rate and the official market rate narrowed. The difference between the two rates reduced to N110 per dollar, a notable improvement from N122 per dollar recorded last week.
