The Nigerian Naira showed mixed performance in the foreign exchange market today. It appreciated in the parallel market, trading at ₦1,530 per dollar, an improvement from ₦1,540 per dollar on Thursday.

However, in the Nigerian Foreign Exchange Market (NFEM), the Naira depreciated to ₦1,502.5 per dollar, down from ₦1,496 per dollar the previous day. This represents a ₦6.5 loss in the official exchange rate.

According to data from the Central Bank of Nigeria (CBN), the difference between the parallel market and the NFEM rate narrowed to ₦27.5 per dollar, compared to ₦44 per dollar on Thursday.

This movement in exchange rates highlights the continued fluctuations in Nigeria’s foreign exchange market, influenced by factors like demand for foreign currency, economic policies, and market trends.

The changes in the exchange rate affect businesses, importers, and individuals who rely on foreign currency for transactions. A stronger Naira in the parallel market may bring some relief, but the official market depreciation shows that Nigeria’s forex challenges are still ongoing.

Analysts suggest that stability in the exchange rate will depend on CBN’s policies, dollar supply, and overall economic conditions in the coming weeks.

Stay updated for more on Nigeria’s exchange rate movements and economic trends.