Nigerian Naira Sees Mixed Performance in Market

Nigerian naira exchange rate was mixed across various foreign exchange markets on Monday.

The naira weakened by 0.41 per cent against the dollar at the parallel market, closing at N741. At the same time, it strengthened by 0.38 per cent against the dollar at the investors’ window, closing at N462.25/dollar.

However, the interbank segment saw

the naira’s value remaining flat, closing at N460.93/dollar. Similarly, in the P2P category of the forex market, the naira lost value, weakening to N743.4 on Monday compared to Sunday’s exchange rate of N741.1.

Economists such as Professor Akpan Ekpo have noted the need for the Central Bank of Nigeria (CBN) to close the gap between the official and black market rates.

Professor Akpan Ekpo, emphasis on the gap, and the CBN must take action to narrow it down. He suggested that the economy must diversify to generate foreign exchange from non-oil products to close the gap between the two rates.

The naira’s performance in the currency market reflects the country’s economic challenges. The CBN must implement measures to address these challenges and stabilize the naira’s value to maintain economic growth and stability.