Naira Depreciates to N1,570/$ in Parallel Market, Gains in Official Window
The Naira depreciated to N1,570 per dollar in the parallel market on Monday, down from N1,545 per dollar recorded over the weekend.
However, in the Nigerian Foreign Exchange Market (NFEM), the currency appreciated to N1,528 per dollar, showing a gain in the official trading window.
According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate improved from N1,542 per dollar last weekend to N1,528, marking an appreciation of N14.
As a result, the gap between the parallel market rate and the NFEM rate widened to N42 per dollar, compared to just N3 per dollar last Friday.
