Naira Appreciates to N1,362/$ in Parallel Market as Official Rate Slips
By Aboki Forex —
The naira today appreciated to N1,362 per dollar in the parallel market from N1,370 on Wednesday. But it depreciated to N1,332 per dollar in the Nigerian Foreign Exchange Market, NFEM.
Data from the Central Bank of Nigeria, CBN, showed the indicative exchange rate rose to N1,332 per dollar from N1,329.5 per dollar on Wednesday. That was a N2.5 depreciation for the naira.
Parallel market gains
The parallel market rate moved to N1,362 per dollar from N1,370 on Wednesday. The development gave the naira some relief in the street market.
Official market pressure
In NFEM, the naira weakened to N1,332 per dollar from N1,329.5 per dollar on Wednesday. The margin between the parallel and official markets narrowed to N30 per dollar from N40.5 per dollar on Wednesday.
The value of interbank turnover in NFEM fell by 14.19 per cent to $154.02 million from $179.5 million on Wednesday.
What it means
For importers and Nigerian businesses, the parallel market remains a key reference for dollar access. A narrower gap between the parallel and official markets may reduce arbitrage pressure, but the fall in interbank turnover points to thinner liquidity in the official window.