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Naira Strengthens to N1,403/$ in Parallel Market
🇳🇬 Nigeria /Economy & Trade

Naira Strengthens to N1,403/$ in Parallel Market

From Vanguard · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

News From a news agency Context piece
  • The Nigerian naira appreciated to N1,403 against the US dollar in the parallel market on Friday, a slight increase from N1,407 on Thursday.
  • Conversely, the naira depreciated in the Nigerian Foreign Exchange Market (NFEM), trading at N1,337 per dollar.
  • Data from the Central Bank of Nigeria indicates a weakening trend in the indicative exchange rate for the naira.

The Nigerian naira experienced a mixed performance in foreign exchange markets on Friday, showing strength in the parallel market while weakening in the official window. In the parallel market, the naira appreciated to N1,403 against the US dollar, a marginal gain from N1,407 recorded the previous day.

However, this improvement in the unofficial market was contrasted by a depreciation in the Nigerian Foreign Exchange Market (NFEM). Here, the naira traded at N1,337 per dollar, indicating a weakening trend in the official exchange rate.

Data released by the Central Bank of Nigeria (CBN) further supports the observation of a weakening indicative exchange rate for the naira. This divergence between the parallel and official market rates highlights the complexities and fluctuations within Nigeria's foreign exchange system.

About this summary

Originally published by Vanguard in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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