Naira Gains Slightly Against the Dollar as Exchange Rate Gap Widens
The Nigerian Naira recorded a slight appreciation against the U.S. dollar on Wednesday, strengthening to ₦1,490 per dollar in the parallel market, up from ₦1,502 per dollar on Tuesday. A similar trend was observed in the Nigerian Foreign Exchange Market (NFEM), where the currency appreciated to ₦1,499.8 per dollar, compared to ₦1,501 per dollar the previous day.
According to data from FMDQ Securities Exchange, which tracks official exchange rates, the indicative rate for the naira improved by 20 kobo. However, despite this slight gain, the gap between the parallel market and the official NFEM rate widened significantly to ₦9.8 per dollar, compared to just 50 kobo the day before.
The Nigerian Naira has faced persistent volatility due to foreign exchange supply shortages, inflation, and speculative trading. In recent months, the Central Bank of Nigeria (CBN) has implemented several policy measures to stabilize the currency, including cracking down on unauthorized forex traders and increasing dollar supply to the official market. However, the disparity between the official exchange rate and the parallel market rate continues to fluctuate, reflecting the ongoing pressure on the naira amid strong dollar demand.
This recent appreciation may be linked to CBN's interventions in the forex market or a temporary increase in dollar liquidity. However, analysts warn that sustaining such gains will require more long-term economic reforms and improved investor confidence in Nigeria's financial system.
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