The Naira appreciated slightly in the parallel market yesterday, trading at N1,660 per dollar compared to N1,662 per dollar over the weekend.
However, in the official foreign exchange market, the Naira weakened to N1,550 per dollar, reflecting a depreciation from the N1,540 per dollar recorded last weekend.
According to data from the Daily Nigerian Foreign Exchange Market (NFEM) report published by the Central Bank of Nigeria (CBN), the indicative exchange rate showed a N10 decline for the Naira.
Similarly, data from FMDQ indicated that the indicative rate depreciated to N1,545.1 per dollar from N1,533 per dollar recorded last Friday.
As a result, the gap between the parallel market and the NFEM rate narrowed to N110 per dollar, down from N122 per dollar last Friday.
