The exchange rate of the Naira at the Nigerian Foreign Exchange Market (NFEM), again left sour notes on the mouth.
The national currency traded N1,596/$1 as against N1,589/$1 recorded on Friday, April 25, 2025.
It thus has further depreciated in value, thus dampening hopes of continuous appreciation to the dollar and other currencies.
Central Bank of Nigeria (CBN) shows the naira trading between N1,603.50/$1 and N1,596/$1 during Monday’s session.
The CBN datA=a also showed that at the parallel market, the naira also depreciated slightly against the US dollar, trading at N1,605/$1 on Monday, weaker than the N1,600/$1 recorded on Friday.
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However, it still represented a mild improvement compared to N1,610/$1 traded on Thursday.
The widening gap between the official and parallel market rates, now standing at N9, underscores persistent inefficiencies and speculative activities affecting the FX market.
Cami Ezenwa is a writer, editor and concepts developer. He has worked with the Daily Times, Daily Independent, Financial Standard and Business Television, to mention a few.
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