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Naira Shows Mixed Movement in Parallel and Official Markets
The naira experienced a mixed performance yesterday in Nigeria’s currency markets. In the parallel market, the naira weakened, trading at ₦1,620 to the US dollar, up from ₦1,610 recorded on Monday.
Conversely, the naira strengthened slightly in the Nigerian Foreign Exchange Market (NFEM), appreciating to ₦1,579 per dollar compared to ₦1,580 on Monday, according to data released by the Central Bank of Nigeria (CBN).
This divergence caused the gap between the parallel market and official NFEM rates to widen, increasing from ₦30 per dollar to ₦41 per dollar within one day.
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