Nigeria’s currency, the naira has appreciated to N1,530 per dollar in the parallel market, up from N1,535 per dollar recorded last week.
But, in the Nigerian Foreign Exchange Market (NFEM), the naira depreciated slightly, trading at N1,513 per dollar, compared to N1,511.5 per dollar last week. This represents a drop of N1.5.
Data from the Central Bank of Nigeria (CBN) confirmed the movement, showing the official rate at N1,513 per dollar.
As a result, the gap between the parallel market and NFEM narrowed to N17 per dollar, down from N23.5 per dollar last week.