The Naira appreciated to N1,660/$ in the parallel market but weakened to N1,550/$ in the official market, reflecting mixed performance on Monday. The exchange rate gap narrowed to N110/$, highlighting volatility in Nigeria's foreign exchange markets amid inflation and shifting economic dynamics.
The Naira showed mixed performance on Monday, appreciating slightly in the parallel market but weakening in the official market. In the parallel market, the exchange rate improved to N1,660 per dollar, compared to N1,662 over the weekend. However, official Central Bank of Nigeria (CBN) reports highlighted a Naira depreciation in the official foreign exchange market, where the rate fell to N1,550 per dollar, down from N1,540, a N10 decline.
Further data from FMDQ revealed a similar weakening trend, with the indicative exchange rate depreciating to N1,545.1 per dollar, compared to N1,533 last Friday.
Despite these fluctuations, the gap between the parallel and official market rates narrowed significantly to N110 per dollar, down from N122 recorded late last week.
Financial analysts continue to monitor these developments as exchange rate volatility impacts trade and economic activities. The Naira’s performance reflects broader economic challenges, including inflation and fluctuating foreign exchange reserves. Policymakers and market participants alike are assessing strategies to stabilize the currency amid ongoing fiscal and monetary pressures.
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![Today's Naira Rate [31-12-2024]: Naira Sees Improvement as Parallel Market Rate Drops to N1,650](/data/attachments/211/211938-c67b02c939f9c8481152d37dbd74bdcd.jpg?hash=hFfFcRmkeL)
