The naira yesterday appreciated to N1,600 per dollar in the parallel market from N1,605 per dollar last week.
Likewise, the Naira appreciated to N1,540 per dollar in the Nigerian Foreign Exchange Market (NFEM).
The Naira has maintained its appreciation trend since May 29th, gaining N47 against the dollar till date in the official market.
Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira fell to N1,540 per dollar from N1,551 per dollar last Thursday, indicating N11 appreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate widened to N60 per dollar from N54 per dollar the previous day.
However, analysts at Afrinvest West Africa Limited, in their monthly update, projected the naira to record mixed performance across foreign exchange market this month with CBN’s continued intervention.
“ In the currency market, the performance of the Naira varied. Specifically, the Naira gained 0.7 percent m/m against the base currency to N1,586.15 per dollar at the NAFEM window while it weakened by 1.2 percent m/m at the parallel market to close at N1,615.00 per dollar.
“Next month, we anticipate the Naira will maintain similar performance across FX segments, supported by CBN’s continued intervention.”