Naira Depreciates in Parallel Market but Appreciates in Official Market

The Naira weakened to N1,668 per dollar in the parallel market on Thursday, down from N1,600 per dollar on Wednesday.

However, the Naira strengthened to N1,534.6 per dollar 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). This represents a N10.4 appreciation from Wednesday’s rate of N1,545 per dollar. As a result, the margin between the parallel market and NFEM rate widened to N133.4 per dollar from N55 per dollar the previous day.