The Nigerian currency, the Naira, experienced an appreciation in the parallel market on Monday, February 17, rising to ₦1,555 per dollar, compared to ₦1,570 per dollar recorded last Friday.
Conversely, in the Nigerian Foreign Exchange Market (NFEM), the Naira saw a depreciation, settling at ₦1,512 per dollar.
According to data released by the Central Bank of Nigeria (CBN), the indicative exchange rate for the Naira in the NFEM increased slightly from ₦1,511 per dollar over the weekend, reflecting a depreciation of ₦1 for the Naira.