On Monday, the Nigerian naira weakened in the parallel market to N1,362 per US dollar, up from N1,357 the previous day, according to data released by the Central Bank of Nigeria (CBN). The move reflects continued volatility in the country’s foreign‑exchange environment.
In contrast, the official rate in the Nigerian Foreign Exchange Market (NFEM) showed a modest appreciation, slipping to N1,331.5 per dollar from N1,332.9, a gain of about N1.4 for the naira.
The widening gap between the two markets was evident as the spread increased to N30.5 per dollar, up from N24.1 the day before. This larger differential highlights the divergence between the parallel and official exchange rates.
Interbank turnover in the NFEM surged dramatically, rising 334.8 % to $313.6 million from $72.12 million on Monday. The sharp increase points to heightened trading activity amid the shifting rates.
Nigeria, Africa’s most populous nation, has seen its currency under pressure in recent months as policymakers balance foreign‑exchange supply, inflation concerns, and external debt obligations. The latest figures underscore the challenges facing the naira in both official and informal markets.
<small>Source: Vanguard News — read the original story there.</small>
