The naira recorded mixed performance across foreign exchange markets, appreciating slightly in the parallel market while weakening at the official window, according to latest market data.
In the parallel market, the local currency strengthened to N1,387 per dollar, improving from N1,389 recorded last Friday, indicating a marginal gain for the naira in informal trading.
However, at the Nigerian Foreign Exchange Market, the naira depreciated to N1,349.7 per dollar, compared to N1,342.5 per dollar at the close of the previous week.
Figures released by the Central Bank of Nigeria showed that the N7.2 decline reflects sustained pressure within the official segment despite ongoing liquidity management efforts.
As a result of the contrasting movements, the gap between the parallel and official exchange rates narrowed to N37.3 per dollar from N47.5 recorded last week, suggesting gradual convergence between both markets.
Meanwhile, activity in the official market dropped significantly, with interbank turnover declining to N18.77 million, representing an 84.9 per cent fall from N124.3 million recorded in the previous session.
Analysts say the reduced trading volume may indicate cautious participation among market players, even as the broader outlook points to ongoing adjustments driven by policy direction and global currency trends.
The latest figures highlight the continued volatility in Nigeria’s foreign exchange market, as authorities intensify efforts to stabilise the naira and improve confidence in the system.
