Naira firms to N1,408/$ in parallel market, official gap narrows
By Aboki Forex —
The naira appreciated to N1,408 per dollar in the parallel market on Tuesday, from N1,415 last weekend. In the official Nigerian Foreign Exchange Market, NFEM, it also gained to N1,365 per dollar.
Data from the Central Bank of Nigeria, CBN, showed the indicative exchange rate fell to N1,365 per dollar from N1,368 last weekend. That represents a N3 appreciation for the naira in the official window.
Gap between markets narrows
As a result, the margin between the parallel and official rates narrowed to N43 per dollar, down from N47 per dollar on Friday. The tighter spread suggests reduced arbitrage pressure between the two segments.
Turnover jumps sharply
Interbank turnover at NFEM rose sharply by 132.3 percent to N137.05 million on Tuesday, from N58.99 million last weekend. The jump in activity points to increased liquidity and renewed confidence in the official market.
For Nigerian businesses and consumers, the continued convergence between official and parallel rates is a positive signal. A smaller gap reduces uncertainty for importers and exporters, and supports the CBN's push to unify the exchange rate landscape.