Naira Strengthens to N1,600/$ in Parallel Market
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| Naira Strengthens to N1,600/$ in Parallel Market |
The naira gained ground against the U.S. dollar in the parallel market, appreciating to N1,600 per dollar from last week’s rate of N1,605.
Similarly, the official Nigerian Foreign Exchange Market (NFEM) recorded an appreciation, with the naira strengthening to N1,540 per dollar. Since May 29th, the naira has appreciated by N47 in the official market.
According to data from the Central Bank of Nigeria (CBN), the official exchange rate fell from N1,551 to N1,540 per dollar last Thursday, reflecting an N11 gain.
As a result, the gap between the parallel and official market rates widened to N60 per dollar, up from N54 the day before.
Analysts at Afrinvest West Africa Limited, in their monthly report, forecast a mixed outlook for the naira this month due to continued CBN interventions.
“In the currency market, the naira’s performance was mixed. It appreciated by 0.7% month-on-month to N1,586.15 per dollar at the NAFEM window but depreciated by 1.2% to N1,615 per dollar in the parallel market.”
Afrinvest expects this trend to persist in the coming month, supported by ongoing CBN efforts.
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