Nigeria TV Info

Naira Depreciates in Parallel Market, Appreciates in Official Market

LAGOS — The Naira experienced mixed performance on Wednesday, falling in the parallel market but strengthening in the Nigerian Foreign Exchange Market (NFEM).

In the parallel market, the Naira depreciated to N1,540 per dollar, down from N1,525 per dollar on Tuesday. However, at the official NFEM window, the currency appreciated to N1,502.5 per dollar, compared to N1,506.5 per dollar the previous day.

According to data published by the Central Bank of Nigeria (CBN), this reflects an appreciation of N6.5 in the official market.

As a result, the margin between the parallel market and NFEM widened sharply, expanding to N37.5 per dollar on Wednesday from N18.5 per dollar recorded the previous day.

The development underscores the persistent volatility in Nigeria’s foreign exchange market, with wide disparities continuing between official and parallel market rates.