The Naira has appreciated to N1,660 per dollar in the parallel market, up from N1,662 per dollar last weekend. However, in the official foreign exchange market, the Naira has depreciated to N1,550 per dollar.
According to data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria (CBN), the indicative exchange rate for the Naira rose to N1,550 per dollar, compared to N1,540 per dollar last weekend, marking a N10 depreciation.
Additionally, data from FMDQ showed that the indicative exchange rate declined to N1,545.1 per dollar from N1,533 per dollar last Friday.
As a result, the gap between the parallel market and NFEM rate has narrowed to N110 per dollar, down from N122 per dollar last week.
