Jubilation across Nigeria as Naira appreciates to N1,660/$ in parallel market.
On Monday, the Naira appreciated slightly to N1,660 per dollar in the parallel market, improving 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) indicated that the Naira depreciated in the official foreign exchange market, with the exchange rate falling to N1,550 per dollar from N1,540 per dollar, marking a decline of N10.
Further data from FMDQ showed that the indicative exchange rate also weakened, decreasing to N1,545.1 per dollar compared to N1,533 per dollar last Friday.
Despite these opposing trends, the gap between the parallel market and the official exchange rate narrowed significantly, dropping to N110 per dollar from N122 per dollar recorded last Friday.
