Niara to dollar exchange rate today: Naira gains at parallel market, trades for N1,387/$

The Nigerian currency, the naira, performed moderately in the foreign exchange market, with slight appreciation seen in the parallel market while depreciation was recorded in the official exchange rate.

At the parallel market, the naira rose to N1,387 per dollar from N1,389 per dollar recorded last week.

At the Nigerian Foreign Exchange Market (NFEM), the naira depreciated. According to data provided by the Central Bank of Nigeria (CBN), the exchange rate rose to N1,349.7 per dollar from N1,342.5 per dollar seen last week. This represented a depreciation of N7.2.

Nevertheless, the differential between the two markets saw a reduction. In the previous session, the differential stood at N47.5 per dollar, and this time around, it came down to N37.3 per dollar.

Notwithstanding, transaction volumes at the official exchange market experienced a steep fall, as the NFEM turnover declined to N18.77 million compared to N124.3 million recorded in the last session.