Naira Exchange Rate Improves in Parallel Market
The Nigerian naira experienced an improvement in its exchange rate against the US dollar in the parallel market yesterday, rising to N1,357 per dollar from N1,362 recorded last weekend.
According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate for the naira increased to N1,332.9 per dollar, indicating a 90 kobo depreciation compared to the previous week.
As a result, the margin between the parallel and official markets narrowed to N24.1 per dollar from N30 per dollar observed last weekend.
The value of interbank turnover in the Nigerian Foreign Exchange Market (NFEM) experienced a significant decrease, falling by 66% to $72.12 million from $154.02 million recorded last weekend.
The naira's improvement in the parallel market comes as the currency continues to face challenges in the official market, where it remains under pressure due to ongoing economic challenges in the country.
The CBN has been implementing various measures to stabilize the naira, including the use of the Sovereign Wealth Fund to support the currency. However, the effectiveness of these measures remains uncertain as the naira continues to fluctuate in value.
</body> </html><small>Source: Vanguard News — read the original story there.</small>