The Naira appreciated in the parallel market, trading at N1,550 per dollar on Monday, compared to N1,555 per dollar recorded over the weekend. This marks a notable improvement in the currency’s performance in the informal forex market.
Conversely, the Naira experienced a slight depreciation in the official foreign exchange market, with its indicative exchange rate weakening to N1,538 per dollar from N1,535 per dollar last Friday, according to data from the Daily Nigerian Foreign Exchange Market (NFEM) report published by the Central Bank of Nigeria (CBN). This represents a marginal decline of N3.
As a result, the exchange rate gap between the parallel market and the official NAFEM rate narrowed to N12 per dollar, down from N20 per dollar recorded last weekend.
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