Naira Rises to N1,550/$ in parallel market

Naira Sees Mixed Performance in Parallel and Official Foreign Exchange Markets

In a notable shift, the Naira has appreciated to N1,550 per dollar in the parallel market, an improvement from N1,555 per dollar recorded over the past weekend. This change reflects a positive movement in the informal currency trading sector.

Conversely, the Naira experienced a slight decline in the official foreign exchange market, moving to N1,538 per dollar. This represents a minor depreciation from the previous week, where the currency had displayed consistent gains. According to the Daily Nigerian Foreign Exchange Market (NFEM) data released by the Central Bank of Nigeria (CBN), the indicative exchange rate for the Naira increased from N1,535 per dollar last Friday, marking a N3 depreciation.

As a result, the gap between the parallel market rate and the rate from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has narrowed, now standing at N12 per dollar compared to N20 per dollar noted last weekend. This development highlights the ongoing fluctuations in Nigeria’s foreign exchange landscape.