In contrast, the official foreign exchange market saw the Naira depreciate to ₦1,550 per dollar.
According to the Daily Nigerian Foreign Exchange Market (NFEM) data released by the Central Bank of Nigeria (CBN), the indicative exchange rate for the Naira increased to N1,550 per dollar, up from N1,540 per dollar last weekend, reflecting a N10 depreciation.
Additionally, data from FMDQ indicated that the indicative exchange rate fell to N1,545.1 per dollar, down from N1,533 per dollar the previous Friday.
As a result, the gap between the parallel market and the NFEM rate decreased to N110 per dollar, compared to N122 per dollar the prior week.