The Naira appreciated in the parallel market to N1,550 per dollar, a slight improvement from N1,555 last weekend. This comes amid ongoing volatility in Nigeria’s foreign exchange landscape, influenced by fluctuating market conditions and policies.
In contrast, the Naira experienced a marginal depreciation in the official market, slipping to N1,538 per dollar from N1,535 recorded last Friday. The Central Bank of Nigeria (CBN) data revealed that the indicative rate’s decline follows a week of steady appreciation.
This divergence between the two markets resulted in the margin between the parallel market and official exchange rates narrowing to N12, down from N20 last weekend. Analysts view this shift as a sign of potential stabilization, albeit with continued challenges in aligning the dual exchange rate systems.
