Brands and Marketing
Naira Appreciates To N1,565/$ In Parallel Market
Naira Appreciates To N1,565/$ In Parallel Market
The Naira strengthened in the parallel market yesterday, appreciating to N1,565 per dollar from N1,570 per dollar on Monday.
However, it weakened in the Nigerian Foreign Exchange Market (NFEM), depreciating to N1,537 per dollar.
According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate for the naira climbed to N1,537 per dollar, up from N1,528 per dollar on Monday, reflecting a N9 depreciation.
As a result, the gap between the parallel market and NFEM rates narrowed to N37 per dollar, down from N42 per dollar on Monday.
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