Naira Gains in Parallel Market, Drops in Official Rate
The Nigerian Naira saw a slight improvement in the parallel market, appreciating to N1,565 per dollar, up from N1,570/$ recorded on Wednesday.
However, the currency weakened in the Nigerian Foreign Exchange Market (NFEM), settling at N1,515.06 per dollar, compared to N1,511.63/$ previously.
According to FMDQ Exchange data, this reflects a ₦3.43 depreciation in the official exchange rate.
The gap between the parallel market and NFEM rate has now narrowed to ₦49.94 per dollar, down from ₦58.37.
What This Means for Nigerians
The fluctuating exchange rate impacts prices of imported goods, travel expenses, and foreign investments.
While a stronger parallel market rate might seem positive, the depreciation in the official rate suggests ongoing volatility.
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Share your thoughts in the comments—how do these changes affect you?
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