The Nigerian Naira continued its volatile trend, depreciating to ₦1,570 per dollar in the parallel market, down from ₦1,545 per dollar recorded last weekend.
However, in the Nigerian Foreign Exchange Market (NFEM), the Naira saw a slight appreciation, strengthening to ₦1,528 per dollar compared to ₦1,542 per dollar from the previous week.
CBN Data and Market Reactions
According to the Central Bank of Nigeria (CBN), the official indicative exchange rate for the Naira improved by ₦14, reflecting a brief recovery despite ongoing pressure on the local currency.
Meanwhile, the gap between the parallel market and the NFEM rate widened significantly, reaching ₦42 per dollar, up from just ₦3 per dollar last Friday.
Market Outlook
The widening margin between both exchange rates suggests increased forex demand in the parallel market, even as regulatory efforts aim to stabilize the currency.
Analysts warn that fluctuations may persist unless the forex supply improves.
As Nigerians continue to monitor the exchange rate, experts advise businesses and investors to stay updated on forex policies that could influence future market movements.
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