On Monday, the naira experienced a slight decline after its recent rally, closing at N1,533.97/$ in the official market and N1,630/$ in the parallel market.
The currency posted a marginal depreciation at both markets following a week of significant gains.
In the Nigerian Foreign Exchange Market (NFEM), the naira closed at N1,533.97/$, a slight drop from Friday’s closing rate of N1,533.93/$. This represented a N0.04 decrease, equating to a 0.003 percent depreciation.
On the parallel market, the naira fell to N1,630/$, down from the N1,590/$ recorded over the weekend, reflecting a decrease of N40, or 2.5 percent.
This modest decline came after a remarkable week of appreciation in both markets. The naira had begun the previous week on the NFEM at N1,662.77/$ and ended Friday at N1,533.93/$.
The previous week’s rally was primarily driven by several factors, including Nigeria’s successful $2.2 billion Eurobond issuance and the Central Bank of Nigeria’s (CBN) introduction of the Electronic Foreign Exchange Matching System (EFEMS), which has enhanced transparency and efficiency in the forex market.
