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Posted By Udokabestluv On December 17th, 2024

The Naira on Monday appreciated to N1,660 per dollar in the parallel market, improving slightly from N1,662 per dollar recorded last weekend.

In contrast, the daily Nigerian Foreign Exchange Market (NFEM) report published by the Central Bank of Nigeria (CBN) revealed that the currency depreciated in the official foreign exchange market, with the exchange rate falling to N1,550 per dollar from N1,540 per dollar, marking a N10 decline.

Further data from FMDQ revealed that the indicative exchange rate also weakened, depreciating to N1,545.1 per dollar compared to N1,533 per dollar last week Friday.

Despite the contrasting trends, the margin between the parallel market and the official exchange rate narrowed significantly, dropping to N110 per dollar from N122 per dollar recorded last Friday.

Source: https://tribuneonlineng.com/naira-appreciates-to-n1660-at-parallel-market-weakens-in-official-market/amp/