At the close of trading on Monday, Nigeria’s naira continued its positive movement, exchanging for N1,534.56 to one dollar in the official foreign exchange market.
According to data published by the Central Bank of Nigeria, CBN, the exchange rate for Nigerian Foreign Exchange Market (NFEM) fell to N1534.56 per dollar from N1,535 per dollar at the close of market Friday, indicating N0.44 appreciation for the naira.
However, efforts by the apex bank to unify the exchange rate and reduce the margin with tue parallel market seems to be having little or no effect as the naira is still exchanging for N1660 per one dollar at the parallel market.
Consequently, the margin between the parallel market and NFEM rate still stands at N124.44.
The Naira’s value has shown a promising upward trend since the implementation of the Central Bank of Nigeria’s (CBN) Electronic Foreign Exchange Matching System (EFEMS), which introduced new regulations for authorised Foreign Exchange (FX) dealers earlier this month.