The naira appreciated to N1,590 per dollar in the parallel market, gaining from N1,600 per dollar last weekend. Meanwhile, the official exchange rate depreciated slightly to N1,549 per dollar. The gap between both markets narrowed to N41 per dollar, reflecting ongoing forex market fluctuations and regulatory interventions.
The naira appreciated to N1,590 per dollar in the parallel market, gaining from N1,600 per dollar last weekend. Meanwhile, the official exchange rate depreciated slightly to N1,549 per dollar. The gap between both markets narrowed to N41 per dollar, reflecting ongoing forex market fluctuations and regulatory interventions.
The Naira strengthened to N1,590 per dollar in the parallel market, showing a slight improvement from N1,600 per dollar recorded last weekend. However, the official exchange rate, as reported by the Central Bank of Nigeria (CBN), declined to N1,549 per dollar, reflecting a N1 depreciation compared to the previous trading session.
This shift has resulted in the gap between the official and black market exchange rates narrowing to N41 per dollar, compared to N52 per dollar last weekend. The movement in forex rates highlights the ongoing fluctuations in Nigeria’s foreign exchange market, driven by supply-demand dynamics, regulatory policies, and economic factors.
Market analysts suggest that recent interventions by the CBN and other financial regulators may be influencing the exchange rate trends. Meanwhile, economic stakeholders continue to monitor the impact of currency fluctuations on inflation, trade, and business operations across Nigeria.
