Yesterday, the Naira appreciated slightly in the parallel market, rising to N1,660 per dollar from N1,662 per dollar last weekend.
In contrast, the Naira weakened in the official foreign exchange market, falling to N1,550 per dollar. Data from the Daily Nigerian Foreign Exchange Market (NFEM), published by the Central Bank of Nigeria (CBN), indicated an increase in the indicative exchange rate for the Naira, which rose to N1,550 per dollar from N1,540 per dollar last weekend, reflecting a N10 depreciation.
Meanwhile, data from FMDQ showed the indicative exchange rate depreciated to N1,545.1 per dollar from N1,533 per dollar last Friday. As a result, the gap between the parallel market and NFEM rate narrowed to N110 per dollar from N122 per dollar the previous week.
