Naira appreciates in parallel market, trades at N1,550/$

By adminDec 10, 2024, 08:34 am0

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The Naira appreciated to N1,550 per dollar in the parallel market today, gaining N5 from the N1,555 per dollar rate recorded last weekend.

In contrast, the official foreign exchange market experienced a slight depreciation, with the Naira slipping to N1,538 per dollar from N1,535 per dollar last Friday.

According to data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria (CBN), this represents a marginal N3 decline.

As a result, the exchange rate gap between the parallel market and the official market has reduced to N12 per dollar, compared to the wider margin of N20 per dollar observed last weekend.

The Central Bank of Nigeria continues to implement measures aimed at stabilising the Naira, focusing on increasing foreign exchange inflows and managing demand pressures.

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