The Naira appreciated in the parallel market, trading at N1,550 per dollar, gaining N5 from last weekend. However, the official market saw a slight depreciation of N1,538. The exchange rate gap between the two markets narrowed to N12, reflecting ongoing stabilization efforts by the Central Bank of Nigeria.
The Naira has strengthened in the parallel market, now trading at N1,550 to the dollar, up by N5 from the previous rate of N1,555 observed last weekend. This reflects a slight improvement in the informal market exchange rate.
Meanwhile, the official exchange rate saw a small decline. The Naira slipped to N1,538 per dollar, down from N1,535 last Friday, showing a marginal decrease of N3, according to the Central Bank of Nigeria’s data. The gap between the parallel and official rates has narrowed to N12, a significant reduction from the N20 difference observed earlier.
The Central Bank of Nigeria has been taking steps to stabilize the Naira, focusing on boosting foreign exchange inflows and regulating demand pressures. These efforts seem to be having some impact, as the gap between the two market rates continues to close.
While the Naira’s appreciation in the parallel market is relatively modest, it represents a positive movement. The Central Bank’s ongoing strategies are aimed at increasing liquidity in the market, managing demand, and reducing the volatility of the Naira. With continued efforts, further improvements in the currency’s value could be expected. The CBN’s measures aim to curb speculation and ensure a more stable exchange rate environment for the country.
