The naira appreciated to ₦1,495 per dollar in the parallel market, narrowing the spread with the official rate to ₦35.50.
The naira continued its modest recovery in Nigeria’s parallel foreign exchange market yesterday, rising to ₦1,495 per dollar from ₦1,500 recorded on Monday. The uptick reflects a slight improvement in market sentiment among dealers and currency traders.
Meanwhile, data released by the Central Bank of Nigeria (CBN) showed that in the Nigerian Foreign Exchange Market (NFEM), the rate slipped slightly to ₦1,464.50 per dollar from ₦1,464.00 the previous day — marking a depreciation of 50 kobo. As a consequence, the differential between the parallel market and the official market narrowed to ₦35.50 per dollar, down from ₦36.00 on Monday.
Observers note that narrowing spreads could hint at increasing liquidity or confidence in central market interventions. Market participants will be watching upcoming policy moves and interventions by the CBN for further directional cues.