The Nigerian Naira experienced a decline in the parallel market, shifting to N1,420 against the dollar from the previous weekend rate of N1,406. Conversely, the currency gained strength within the Nigerian Foreign Exchange Market (NFEM), reaching N1,380.5 per dollar.
Official statistics released by the Central Bank of Nigeria reveal that the indicative exchange rate improved to N1,380.5 from the weekend’s N1,381.7, marking a gain of N1.2. This divergence caused the spread between the informal and official market rates to expand to N39.5, up from N24.3 recorded late last week.
Trading activity in the interbank sector saw a contraction, as the NFEM turnover dropped by 21.2 percent, moving from N71.04 million at the close of last week to N86.13 million in the most recent session.
