The Naira appreciated to N1,530/$ in the parallel market, gaining from N1,540/$ recorded on Thursday. However, it depreciated to N1,502.5/$ in the official market, widening forex volatility. The margin between the two rates narrowed to N27.5 as CBN policies influence market trends amid persistent economic uncertainties.
The Naira appreciated to N1,530 per dollar in the parallel market on Friday, marking a slight gain from N1,540 per dollar recorded the previous day. However, in the Nigerian Foreign Exchange Market (NFEM), the currency weakened, settling at N1,502.5 per dollar, reflecting a N6.5 depreciation compared to the N1,496 per dollar exchange rate reported by the Central Bank of Nigeria (CBN) on Thursday.
The fluctuation highlights ongoing volatility in Nigeria’s forex market, influenced by varying demand and supply factors. The gap between the parallel market and NFEM rates has now narrowed to N27.5 per dollar from the N44 per dollar recorded a day earlier. Analysts suggest that the CBN’s recent policy measures, including interventions in the official market, may be contributing to the shift. However, traders remain cautious as inflation and economic uncertainties continue to impact foreign exchange dynamics.
