The Nigerian currency, Naira, experienced a mixed trend on Friday, appreciating in the parallel market while depreciating in the official market. In the parallel market, the naira strengthened to N1,560 per dollar, up from N1,590 per dollar on Thursday, marking a N30 gain.
However, in the Nigerian Foreign Exchange Market (NFEM), the naira depreciated to N1,502.5 per dollar, showing a 50 kobo decline from N1,502 per dollar on Thursday, according to data published by the Central Bank of Nigeria (CBN).
As a result, the margin between the parallel market and NFEM rate widened to N57.5 per dollar, from 88 kobo per dollar on Thursday. This development may have implications for businesses and individuals who rely on foreign exchange for their operations.
Black market traders attributed the appreciation of the Naira in the parallel market to “low demand and high supply of dollars.” They projected that the naira would likely trade at the N1,500 per dollar threshold next week.
“The demand for dollars is low, and the supply is high, which is why the naira is appreciating in the parallel market,” said a black market trader. “We expect this trend to continue next week, with the naira possibly trading at N1,500 per dollar.
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