The Nigerian Naira has experienced mixed performance, depreciating to ₦1,620 per USD in the parallel market while appreciating to ₦1,599 per USD in the Nigerian Foreign Exchange Market (NFEM). This represents a ₦2 drop in value in the parallel market from ₦1,618 per USD and a ₦5 gain in the NFEM from ₦1,604 per USD.
The exchange rate margin between the two markets widened to ₦21 per dollar, reflecting persisting volatility in Nigeria’s forex landscape. Factors contributing to the trend include increased demand for dollars in the informal market, Central Bank of Nigeria interventions in the official market, and market caution as participants monitor economic policies and external reserves performance.
Leave a Reply