The naira recorded mixed performance on Wednesday, depreciating in the parallel market while posting a marginal appreciation in the official foreign exchange market.
At the parallel market, the local currency weakened to N1,398 per dollar, down from N1,385 per dollar traded on Tuesday.
However, in the Nigerian Foreign Exchange Market (NFEM), the naira appreciated slightly to N1,360 per dollar.
Data released by the Central Bank of Nigeria (CBN) showed that the indicative exchange rate improved by 22 kobo, falling from N1,360.22 per dollar on Tuesday to N1,360 per dollar.
As a result, the gap between the parallel market rate and the official exchange rate widened significantly to N38 per dollar, compared to N24.78 per dollar recorded the previous day.
Meanwhile, activity in the interbank foreign exchange market declined, with turnover dropping by 26.2 per cent to $133.73 million from $168.82 million on Tuesday.
The development highlights the continued divergence between official and parallel market exchange rates, despite the naira’s marginal gain in the official market.
Comments