February 7, 2025
The Naira, on Friday, appreciated from N1,590 to N1,560 per dollar in the parallel market.
However, it depreciated to N1,502.5 per dollar in the Nigerian Foreign Exchange Market (NFEM).
According to data published by the Central Bank of Nigeria, CBN, there was a 50 kobo depreciation for the naira, as the exchange rate for the naira rose to N1,502.5 to a dollar from N1,502 per dollar on Thursday.
This reflected in the margin between the parallel market and NFEM rate which widened to N57.5 per dollar from 88 kobo per dollar on Thursday.
READ MORE; Naira dropped by 0.3% at official market
Within the week the Naira has maintained a fluctuating trend in both parallel and official market segment.
Black market traders attributed the appreciation in the parallel market to low demand and high supply of dollars.
They have projected a further appreciation of the naira, to be at N1,500 per dollar threshold in the coming week.
