Naira Appreciates to N1,550/$ in Parallel Market

The Nigerian Naira appreciated to N1,550 per dollar in the parallel market on Monday, improving from N1,560 per dollar recorded over the weekend. This marks a slight recovery for the Naira in the informal sector of the currency market.

However, in the Nigerian Foreign Exchange Market (NFEM), the Naira experienced a depreciation. It weakened to N1,534.8 per dollar, down from N1,530 per dollar last Friday, reflecting a N4.8 drop against the US dollar.

Data from the Central Bank of Nigeria (CBN) revealed that the official exchange rate for the Naira in the NFEM had increased from N1,530 per dollar to N1,534.8 per dollar, signalling a slight depreciation for the currency.

As a result, the gap between the parallel market and the NFEM rate narrowed to N15.2 per dollar, compared to N30 per dollar observed last weekend.