Yesterday, the Naira opened the week on a positive note, appreciating to N1,660 per dollar in the parallel market, a slight increase from N1,662 per dollar last weekend.
In contrast, the Naira depreciated to N1,550 per dollar in the official foreign exchange market.
According to data published by the Central Bank of Nigeria (CBN) in the Daily Nigerian Foreign Exchange Market (NFEM), the indicative exchange rate for the Naira rose to N1,550 per dollar from N1,540 per dollar last weekend, reflecting a N10 depreciation.
Data from FMDQ indicated that the indicative exchange rate fell to N1,545.1 per dollar, down from N1,533 per dollar last Friday.
As a result, the gap between the parallel market and the NFEM rate narrowed to N110 per dollar, down from N122 per dollar last Friday.
