The Naira experienced mixed performance in the foreign exchange markets yesterday. In the parallel market, it depreciated to N1,510 per dollar, up from N1,505 per dollar over the weekend.
However, in the Nigerian Foreign Exchange Market (NFEM), the Naira appreciated slightly to N1,499 per dollar, compared to N1,500 per dollar last Friday, according to data released by the Central Bank of Nigeria (CBN). This represents a N1 gain for the Naira in the official market.
As a result, the gap between the parallel market and NFEM rates widened to N11 per dollar, up from N5 per dollar last weekend.