Naira Gains Slightly to N1,600/$ in Parallel Market, Slips in Official Window
The naira showed marginal improvement against the dollar in the parallel market on Monday, trading at N1,600/$, a slight gain from the N1,605/$ recorded over the weekend.
However, the local currency took a hit at the official Nigerian Foreign Exchange Market (NFEM), where it depreciated to N1,550/$, compared to N1,547/$ as of last Friday’s close—reflecting a N3 drop in value, according to data from the Central Bank of Nigeria (CBN).
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The latest figures suggest a narrowing gap between the black market and official rates, with the disparity now standing at N50, down from N58 at the end of last week.
Analysts believe the convergence in rates could be linked to increased dollar liquidity and recent monetary policy measures aimed at stabilizing the naira.
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Meanwhile, concerns persist over the long-term sustainability of forex interventions, as businesses and importers continue to grapple with volatility in the currency market.