Naira appreciates to N1,455/$ in parallel market

The Nigerian Naira witnessed a mixed performance in the foreign exchange market on Monday, strengthening in the parallel market but losing ground at the official window.

In the parallel market, the currency appreciated to ₦1,455 per dollar, improving from ₦1,475 per dollar recorded over the weekend — signaling increased demand for the local currency in informal trading channels.

However, official data from the Central Bank of Nigeria (CBN) shows the Naira eased slightly at the Nigerian Foreign Exchange Market (NFEM), closing at ₦1,438 per dollar, a depreciation from ₦1,427.5 per dollar recorded last Friday. This represents a ₦10.5 drop at the official window.

The latest movements narrowed the gap between both markets significantly — with the difference now standing at ₦17 per dollar, compared to ₦47.5 per dollar recorded just days ago.