Data from the Nigerian Foreign Exchange Market (NFEM) showed that the official exchange rate closed at approximately ₦1,363.41 per US dollar during Monday’s trading session.
At this rate, $100 would be worth about ₦136,341 in the official market, compared with roughly ₦140,000 in the parallel market.
The spread between the official and parallel market exchange rates has narrowed considerably from the wide gaps recorded in previous years, underscoring the impact of ongoing foreign exchange reforms implemented by the Central Bank of Nigeria to enhance market liquidity and improve price discovery.
Analysts note that the naira’s trajectory in the coming weeks will largely depend on the availability of foreign exchange, crude oil export revenues, diaspora remittances, and the Central Bank’s monetary policy stance.
