The naira appreciated in the parallel market on Monday, rising to ₦1,600 per dollar, up from ₦1,605 last weekend—reflecting a modest ₦5 gain. Conversely, the currency weakened slightly in the Nigerian Foreign Exchange Market (NFEM), falling to ₦1,550 per dollar, compared to ₦1,547 recorded last Friday—indicating a ₦3 depreciation, according to data from the Central Bank of Nigeria (CBN).
As a result, the rate gap between the parallel and official markets narrowed to ₦50 per dollar, down from ₦58 the previous week, suggesting a slight improvement in market alignment. The movement reflects ongoing fluctuations in Nigeria’s foreign exchange dynamics, driven by supply-demand pressures, central bank interventions, and broader macroeconomic factors.
