Naira Appreciates to N1,400 in Parallel Market, Depreciates to N1,363 in Official NFEM Window

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The naira yesterday appreciated to N1,400 per dollar in the parallel market from N1,410 per dollar on Tuesday. This marks a N10 gain for the local currency in the informal segment.

However, the naira depreciated to N1,363 per dollar in the Nigerian Foreign Exchange Market, NFEM. Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the official market rose to N1,363 per dollar from N1,359.5 per dollar on Tuesday. This represents a N3.5 depreciation for the naira.

Consequently, the margin between the parallel and official markets narrowed to N37 per dollar from N50.5 per dollar on Tuesday. The narrowing gap suggests reduced arbitrage opportunities for currency traders.

Market participants are watching for further CBN interventions as the central bank continues its efforts to unify exchange rates and boost liquidity in the official window.

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