Business
Naira appreciates 1,590/$ in parallel market, weakens in official market
The Naira experienced mixed performance in the foreign exchange market yesterday.
In the parallel market, the local currency appreciated to ₦1,590 per dollar, strengthening from the ₦1,600 per dollar recorded last weekend.
However, in the Nigerian Foreign Exchange Market (NFEM), the Naira depreciated, trading at ₦1,549 per dollar. This contrasting movement highlights the ongoing volatility in Nigeria’s forex market, influenced by supply and demand dynamics, monetary policies, and economic factors.
Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,549 per dollar from N1,548 per dollar last week Friday, indicating N1 depreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate narrowed to N41 per dollar from N52 per dollar last weekend.
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