The Nigerian Naira witnessed contrasting movements yesterday as it depreciated in the parallel market but appreciated in the official Nigerian Foreign Exce Market. In the parallel market, the Naira fell to N1420 per dollar, down from N1410 per dollar recorded on Monday.
Conversely, in the Nigerian Foreign Exce Market, NFEM, the Naira strengthened to N1390.5 per dollar from N1425 per dollar on Monday, reflecting a N34.5 appreciation according to data from the Central Bank of Nigeria.
The divergence between the parallel and official markets has widened significantly, with the margin now at N29.5 per dollar compared to N15 per dollar on Monday. Analysts note that such disparities often reflect differing liquidity levels and demand pressures across formal and informal forex channels.
While the official market shows signs of ility, the persistent pressure in the parallel market highlights ongoing challenges in forex supply and demand management. Experts suggest that these fluctuations could impact importers, exporters, and businesses relying on foreign currency for operations.
The Central Bank of Nigeria continues to monitor market developments closely to ensure that exce rates remain within manageable levels while supporting economic growth and financial ility.
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