Business News
Naira gains to N1,370/$ in Parallel Market, weakens to N1,329 at NFEM
The naira appreciated slightly in the parallel foreign exchange market on Wednesday, strengthening to N1,370 per dollar from N1,375 recorded the previous day.
However, the local currency weakened marginally in the Nigerian Foreign Exchange Market (NFEM), where the indicative exchange rate stood at N1,329 per dollar.
Data from the Central Bank of Nigeria (CBN) showed that the indicative rate moved from N1,328 per dollar on Wednesday to N1,329 per dollar, representing a N1 depreciation of the naira against the dollar.
The divergent movements in the two markets narrowed the gap between the parallel and official exchange rates to N41 per dollar, from N47 per dollar the previous day.
Meanwhile, trading activity in the NFEM declined significantly during the period under review.
The value of transactions in the market fell by 62.05 per cent to $105.95 million, compared with $279.2 million recorded on Wednesday.
The latest figures indicate a mixed performance for the naira across the two foreign exchange markets, with the currency gaining in the parallel market but weakening slightly at the official window.
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