The Naira appreciated in the parallel market today, trading at ₦1,550 per dollar, compared to ₦1,555 per dollar over the weekend.
In contrast, the Naira experienced a slight depreciation in the official foreign exchange market, weakening to ₦1,538 per dollar. This follows a period of steady appreciation recorded last week.
According to data from the Daily Nigerian Foreign Exchange Market (NFEM) report by the Central Bank of Nigeria (CBN), the indicative exchange rate for the Naira in the official market rose to ₦1,538 per dollar from ₦1,535 per dollar last Friday, reflecting a ₦3 depreciation.
As a result, the gap between the parallel market rate and the official NAFEM rate narrowed to ₦12 per dollar, down from ₦20 per dollar last weekend.
These fluctuations highlight ongoing dynamics in Nigeria’s foreign exchange market as the Naira adjusts across different trading platforms.