The Naira depreciated to N1,570 per dollar in the parallel market, dropping from N1,545 per dollar recorded last weekend.
However, the Naira appreciated to N1,528 per dollar in the Nigerian Foreign Exchange Market (NFEM) during trading activities yesterday.
Data from the Central Bank of Nigeria (CBN) indicated that the indicative exchange rate for the Naira strengthened to N1,528 per dollar, appreciating by N14 from N1,542.
Consequently, the margin between the parallel market and NFEM rate expanded significantly, increasing to N42 per dollar from N3 per dollar recorded previously.
This growing exchange rate gap reflects persistent volatility in Nigeria’s foreign exchange market, despite ongoing monetary policies aimed at stabilizing the Naira.
Analysts suggest that factors such as dollar supply shortages, forex demand pressures, and speculative trading continue driving fluctuations.
Market observers anticipate further interventions from the CBN and financial authorities to address instability and enhance confidence in the currency.
