The Naira appreciated to N1,590 per dollar in the parallel market on Monday, strengthening from N1,600 per dollar recorded over the weekend.
However, in the Nigerian Foreign Exchange Market (NFEM), the local currency depreciated to N1,549 per dollar, according to data from the Central Bank of Nigeria (CBN). The indicative exchange rate rose slightly from N1,548 per dollar last Friday, marking a N1 depreciation.
As a result, the gap between the parallel market and the NFEM rate narrowed to N41 per dollar, down from N52 per dollar last weekend.
The exchange rate movement reflects ongoing fluctuations in Nigeria’s forex market as authorities continue efforts to stabilize the currency.
