The Naira strengthened to ₦1,476 per US dollar in the parallel market today, up from ₦1,487 per dollar on Thursday, according to recent trading data.
However, in the Nigerian Foreign Exchange Market (NFEM), the Naira depreciated slightly, trading at ₦1,466.5 per dollar compared with ₦1,462.9 per dollar recorded on Thursday. This reflects a ₦3.6 depreciation in the official market.
Data from the Central Bank of Nigeria (CBN) indicates that the margin between the parallel and official rates has narrowed to ₦9.5 per dollar, down from ₦24.1 per dollar on Thursday.
Weekly Performance:
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In the official forex market, the Naira weakened by ₦12.5 against the US dollar.
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Conversely, in the parallel market, the Naira gained ₦4 against the greenback, signaling slight improvement in informal market trading.
The contrasting movements between the official and parallel forex markets reflect ongoing volatility in the Nigerian currency market, influenced by demand pressures, foreign reserves, and government forex policies.
