In the parallel market, the Naira strengthened to N1,585 per dollar, an appreciation from its N1,590 per dollar rate observed last weekend. Similarly, the Naira saw a positive movement in the official NFEM, where it appreciated to N1,543 per dollar.
Data released by the Central Bank of Nigeria (CBN) confirmed this trend in the NFEM, showing the exchange rate falling to N1,543 per dollar from N1,554 per dollar recorded last Friday. This indicates an N11 appreciation for the Naira within the official window.
Consequently, the gap between the parallel market rate and the NFEM rate has narrowed significantly. The margin decreased to N26 per dollar from N36 per dollar last weekend, suggesting a move towards convergence between the two exchange rate segments.
This appreciation offers a glimmer of positive news for the Nigerian economy amidst ongoing efforts to stabilize the currency.