Naira Gains N10 Against Dollar in Parallel Market Amid Mixed Exchange Rate Trends

The Naira made a significant recovery against the dollar in the parallel exchange market on Monday. A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, confirmed to Newsflash Nigeria that the Naira appreciated to N1,650 per dollar on Monday, compared to N1,660 recorded on Friday of the previous week. This reflects a notable gain of N10 in just a single trading session.

However, while the parallel market saw a recovery, the official exchange rate witnessed a slight depreciation. According to FMDQ data, the Naira closed at N1,533.63 per dollar on Monday, down from N1,531.20 on Friday, marking a marginal loss of N2.43 in the official window.

Despite the positive performance in the parallel market, the mixed trends highlight the ongoing challenges in Nigeria’s foreign exchange system. *DAILY POST* reports that over the past months, the Naira has been experiencing fluctuating movements due to a combination of market forces and interventions by the Central Bank of Nigeria (CBN). The apex bank has been working on various measures to stabilize the currency amidst heightened demand for dollars and economic pressures.

This latest gain in the parallel market is seen as a respite for businesses and individuals who rely on the black market for foreign exchange. However, the slight drop in the official rate underscores the complexities of maintaining a balanced and robust exchange rate system in the current economic climate.

Analysts believe that sustained efforts by the CBN, coupled with improved foreign exchange inflows, could help the Naira achieve greater stability in the long term. For now, the currency’s performance remains influenced by both market sentiment and regulatory policies.

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