The Naira appreciated in the parallel market yesterday, trading at N1,655 per dollar compared to N1,665 last weekend. However, according to data from the Central Bank of Nigeria (CBN), the currency depreciated in the official foreign exchange market, moving from N1,544.5 per dollar last Friday to N1,550 per dollar.
This depreciation in the official market highlights a widening divergence between market trends. Despite the drop, the gap between the parallel market and the Nigerian Foreign Exchange Market (NFEM) rates narrowed, reducing to N105 per dollar from N120.5 per dollar.
The shifts in the exchange rate reflect ongoing volatility in Nigeria’s forex markets, as the Naira continues to fluctuate amid efforts to stabilize the currency.
