The Naira appreciated in the parallel market yesterday, trading at N1,660 per dollar, a slight improvement from N1,662 per dollar recorded last weekend. This movement indicates a modest gain in the currency’s value in the informal trading segment.
Conversely, the official foreign exchange market saw the Naira depreciate further, hitting N1,550 per dollar, down from N1,540 over the weekend, according to data from the Central Bank of Nigeria (CBN). The FMDQ also reported a decline, with the indicative exchange rate slipping to N1,545.1 per dollar from N1,533 last Friday, signaling a weakening trend.
The margin between the parallel market and the official exchange rate has narrowed, reducing to N110 per dollar compared to N122 last Friday. This development reflects ongoing fluctuations in Nigeria’s foreign exchange dynamics amidst efforts to stabilize the currency.