The Naira strengthened further in the parallel market yesterday, rising to N1,610 per dollar from N1,615 per dollar last Friday due to weak dollar demand.
However, it depreciated to N1,495.6 per dollar in the official market.
According to data from FMDQ, the indicative exchange rate for the Nigerian Foreign Exchange Market (NFEM) increased to N1,495.6 per dollar from N1,474.78 per dollar last weekend, marking a N20.82 depreciation for the Naira.
As a result, the gap between the parallel market and NFEM rates narrowed to N84.4 per dollar from N141.4 per dollar last weekend.
This reflects a N45 appreciation in the parallel market from N1,655 per dollar last Monday. Similarly, in the official market, the Naira gained N37.9 from last Monday’s rate of N1,533.5 per dollar.
Currency traders attributed the Naira’s appreciation to weak dollar demand driven by the Chinese New Year holiday and market reactions to the Central Bank of Nigeria’s (CBN) recent foreign exchange code launch.
A senior official of the Association of Bureaux De Change Operators of Nigeria (ABCON) also confirmed that some traders offloaded significant dollar holdings, anticipating lower demand and a declining exchange rate, which boosted market supply.
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