LAGOS — The Nigerian Naira recorded gains against the United States Dollar yesterday, strengthening in both the parallel and official foreign exchange markets.
Market Performance Summary
Parallel Market: The Naira appreciated to ₦1,385/$ from the previous day's rate of ₦1,395/$.
Official Market (NFEM): Data from the Central Bank of Nigeria (CBN) indicated that the Naira strengthened to ₦1,360.22/$, reflecting an appreciation of ₦5.78 from Monday's rate of ₦1,366/$.
Market Margin: The gap between the parallel market and the official market narrowed to ₦24.78, down from the ₦29 margin recorded on Monday.
Market Activity
Despite the strengthening of the currency, trading volume in the interbank foreign exchange market saw a decline. Turnover dropped by 5.11%, falling to $168.82 million from the $177.92 million recorded on Monday.
The convergence of rates where the gap between the official and parallel market windows narrows continues to be a primary focus for market analysts observing the Central Bank's ongoing efforts to stabilize the foreign exchange environment.
