The Naira continued its upward trend, reaching a seven-month high in the parallel market as it appreciated to N1,500 per dollar from N1,530 per dollar recorded last weekend.
This marks the first time since June 21, 2023, that the Naira has traded below N1,500 per dollar in the parallel market, when it stood at N1,495 per dollar.
However, in the Nigerian Foreign Exchange Market (NFEM), the Naira depreciated slightly, closing at N1,504 per dollar.
According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate rose to N1,504 per dollar from N1,502.5 per dollar last weekend, reflecting a marginal N1.5 depreciation.
Notably, for the first time in a long while, the parallel market exchange rate dipped below the official rate, narrowing the gap between the two to minus N4 per dollar—a significant drop from the N27.5 per dollar gap recorded last Friday.
The recent strengthening of the Naira is attributed to improved forex liquidity and ongoing measures by the CBN to stabilize the foreign exchange market.
