The Nigerian Naira showed a slight improvement in the parallel market yesterday, strengthening to N1,660 per dollar from N1,662 per dollar recorded last weekend.
However, at the official foreign exchange market, the Naira experienced a minor depreciation, settling at N1,550 per dollar, compared to N1,540 previously.
According to data published by the Central Bank of Nigeria (CBN) on the Nigerian Foreign Exchange Market (NFEM), the indicative exchange rate increased by N10, reflecting a decline to N1,550 per dollar.
Similarly, figures from FMDQ Securities Exchange indicated that the indicative exchange rate in the Investors and Exporters (I&E) window weakened to N1,545.1 per dollar, up from N1,533 per dollar recorded last Friday.
With these movements, the gap between the parallel market rate and the official NFEM rate has narrowed to N110 per dollar, a slight improvement from the N122 per dollar margin recorded last week.
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