Naira Gains in Parallel Market but Weakens at Official Window
The naira strengthened slightly in the parallel market yesterday, trading at ₦1,470 per dollar, an improvement from ₦1,475 per dollar recorded on Wednesday.
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Naira depreciates to N1,475/$ in parallel market
However, at the official Nigerian Foreign Exchange Market (NFEM), the currency moved in the opposite direction. The naira depreciated to ₦1,459.95 per dollar, compared to ₦1,451 per dollar the previous day — a drop of ₦8.95.
This shift caused the gap between the official and parallel market rates to narrow significantly, shrinking from ₦26 on Wednesday to just ₦10.05 per dollar.
