The Naira appreciated to ₦1,660 per dollar in the parallel market on Monday, up from ₦1,662 per dollar recorded over the weekend.
In contrast, the Naira depreciated in the official foreign exchange market, falling to ₦1,550 per dollar from the previous rate of ₦1,540 per dollar, reflecting a ₦10 loss.
This development was revealed in the latest Daily Nigerian Foreign Exchange Market (NFEM) data published by the Central Bank of Nigeria (CBN).
Further data from the FMDQ Exchange showed a decline in the Naira’s value, as the indicative exchange rate slipped to ₦1,545.1 per dollar, down from ₦1,533 per dollar recorded last Friday.
As a result, the gap between the parallel market rate and the official NFEM rate narrowed to ₦110 per dollar, compared to the ₦122 margin reported last week.
The fluctuation in Nigeria’s currency exchange rates reflects ongoing market pressures and the influence of speculative trading in the foreign exchange market.
Economic analysts believe that sustained interventions by the CBN and policy adjustments will be crucial in stabilising the Naira in both the official and parallel markets.
