CBN Reports – Naira inches up to N1,518/$ at parallel market, weakens at official rate

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The naira on Tuesday gained slightly in the parallel market, rising to N1,518 per dollar from N1,520 per dollar recorded the previous day.

In contrast, it weakened in the Nigerian Foreign Exchange Market (NFEM), where it fell to N1,493.2 per dollar, compared to N1,491.4 per dollar on Monday.

According to figures released by the Central Bank of Nigeria (CBN), this represents a N1.8 depreciation of the naira in the official window.

As a result, the gap between the parallel market and NFEM narrowed, closing at N24.8 per dollar compared to N28.6 per dollar at the start of the week.

A CBN source explained, “The data reflects ongoing market adjustments, with the margin between official and parallel rates showing signs of convergence.

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