Naira Gains Ground in Parallel Market but Slides in Official Market, Narrowing Exchange Rate Gap

The naira witnessed an upturn on Wednesday, strengthening to N1,300 per dollar in the parallel market, up from its previous rate of N1,305 per dollar.

However, the naira experienced a decline in the Nigerian Foreign Exchange Market (NAFEM) on the same day, reaching a rate of N837.49 per dollar.

Data sourced from FMDQ revealed that the indicative exchange rate for the Investors and Exporters (I&E) window increased to N837.49 per dollar from its previous rate of N801.1 per dollar on Tuesday, marking a Naira depreciation of N36.39.

Consequently, the margin between the official exchange rate and the parallel market rate has narrowed, decreasing to N462.51 per dollar on Wednesday, down from the earlier N496.9 per dollar.

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