Official and parallel market naira rates narrow further

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The gap between Nigeria’s official and parallel market exchange rates has narrowed sharply. Data from the Nigerian Foreign Exchange Market (NFEM) shows the official rate stood at N1,363.41 per US dollar as of Monday’s trading session.

At that rate, $100 exchanges for about N136,341 on the official market. In the parallel market, the same amount costs roughly N140,000. The difference is now much smaller than in previous years.

Analysts attribute the narrowing gap to ongoing foreign exchange reforms by the Central Bank of Nigeria. These reforms aim to improve liquidity and deepen the market.

Looking ahead, the naira’s performance will depend on foreign exchange supply, oil export earnings, diaspora remittances, and the Central Bank’s monetary policies.

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