Naira Appreciates to N1,660/$ in Parallel Market, Depreciates in Official Market

Abuja, Nigeria – The Naira strengthened slightly in the parallel market, appreciating to N1,660 per dollar on Monday, compared to N1,662 per dollar recorded last weekend.

In contrast, the currency weakened in the official foreign exchange market. According to data from the Daily Nigerian Foreign Exchange Market (NFEM), published by the Central Bank of Nigeria (CBN), the indicative exchange rate fell to N1,550 per dollar, down from N1,540 per dollar recorded last weekend. This reflects a N10 depreciation in the official market.

Similarly, data from FMDQ Securities Exchange showed a decline in the indicative exchange rate to N1,545.1 per dollar, compared to N1,533 per dollar last Friday.

As a result, the gap between the parallel market rate and the official NFEM rate narrowed to N110 per dollar, down from N122 per dollar reported last Friday.