By Ayomide Otitoju
Data from the Nigerian Foreign Exchange Market (NFEM) showed that the official exchange rate closed at about ₦1,363.41 per US dollar on Monday.
At the prevailing rates, $100 exchanged for approximately ₦136,341 at the official window and around ₦140,000 in the parallel market.
The gap between the official and parallel market rates has narrowed significantly compared with previous years, reflecting ongoing foreign exchange reforms by the Central Bank of Nigeria aimed at improving liquidity and deepening the market.
Analysts say the naira’s outlook in the coming weeks will depend on foreign exchange inflows, crude oil earnings, diaspora remittances, and monetary policy direction from the apex bank.Copyright TRUSTAFRICA NEWS.
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