Data from the Nigerian Foreign Exchange Market (NFEM) showed that the official exchange rate stood at approximately ₦1,363.41 per US dollar as of Monday’s trading session.
At the prevailing rates, $100 would exchange for about ₦136,341 at the official NFEM rate and roughly ₦140,000 in the parallel market.
The gap between the official and parallel market rates has narrowed significantly compared with previous years, reflecting the impact of ongoing foreign exchange reforms introduced by the Central Bank of Nigeria to improve liquidity and deepen the market.
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Analysts say the naira’s performance in the coming weeks will continue to depend on foreign exchange supply, oil export earnings, diaspora remittances, and the Central Bank’s monetary policies.
