Naira rises to N1,560/$ in parallel market

The Nigerian Naira showed some mixed movements in the foreign exchange markets on Thursday, March 26.

In the parallel market, the Naira appreciated slightly, strengthening to N1,560 per dollar from N1,570 per dollar on Wednesday.

However, in the Nigerian Foreign Exchange Market (NFEM), the Naira depreciated, weakening to N1,540 per dollar from N1,539 per dollar on the previous day, marking a small decline of N1.

This shift in exchange rates caused the margin between the parallel market rate and the NFEM rate to narrow significantly. The gap reduced to N20 per dollar, compared to a wider difference of N31 per dollar the day before.

These fluctuations highlight the ongoing volatility in the Naira’s value, which is influenced by both demand and supply dynamics in the official and parallel markets.

The Central Bank of Nigeria (CBN) continues to monitor these changes as it manages its foreign exchange policy.