The Naira witnessed a slight appreciation in the parallel market, climbing to N1,660 per dollar, compared to its previous value of N1,662 per dollar recorded last weekend. Meanwhile, in the official foreign exchange market, the Naira experienced a decline, depreciating to N1,550 per dollar. According to data released by the Central Bank of Nigeria (CBN) via the Daily Nigerian Foreign Exchange Market (NFEM) report, the indicative exchange rate for the Naira dropped to N1,550 per dollar, a N10 decline from the N1,540 per dollar rate recorded last weekend. Additionally, information from FMDQ Securities Exchange revealed a further depreciation in the indicative exchange rate, falling to N1,545.1 per dollar compared to N1,533 per dollar as of last week Friday. As a result, the gap between the parallel market rate and the NFEM rate reduced to N110 per dollar, a significant improvement from the N122 per dollar margin reported last week Friday. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
The Nigerian Naira has experienced a significant drop in the parallel market, depreciating to N1,668 per dollar, compared to N1,600 per dollar the previous day. This marks a noticeable decline in the currency’s value within the informal trading segment. Conversely, in the official foreign exchange market, the Naira showed signs of recovery, appreciating to N1,534.6 per dollar. According to the Daily Nigerian Foreign Exchange Market (NFEM) data released by the Central Bank of Nigeria (CBN), this represents an improvement from N1,545 per dollar recorded on Wednesday, reflecting a gain of N10.4. The divergence between the parallel market and the official market rates continues to widen. As of the latest report, the margin has increased to N133.4 per dollar, compared to a gap of N55 per dollar recorded on Wednesday. This development highlights the ongoing challenges in Nigeria’s foreign exchange landscape, emphasizing the persistent disparity between the parallel and official market rates. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
