The Nigerian Naira showed mixed results on the foreign exchange market on Monday. It appreciated to N1,655 per dollar in the parallel market, up from N1,665 per dollar recorded last weekend. However, the Naira faced depreciation in the official foreign exchange market, where it fell to N1,550 per dollar, down from N1,544.5 per dollar the previous week. This marks a N5.5 depreciation in the official market.
As a result, the gap between the parallel market rate and the official exchange rate narrowed to N105 per dollar from N120.5 per dollar last Friday. This shift indicates a slight easing of the difference between the two markets, reflecting ongoing fluctuations in Nigeria’s foreign exchange dynamics.
