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UPDATED: Naira Appreciates N1,590/$ In Parallel Market
UPDATED: Naira Appreciates N1,590/$ In Parallel Market
Yesterday, the Naira appreciated in the parallel market, strengthening to N1,590 per dollar from N1,600 per dollar recorded last weekend.
However, in the Nigerian Foreign Exchange Market (NFEM), the Naira depreciated to N1,549 per dollar.
According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate for the Naira rose to N1,549 per dollar, compared to N1,548 per dollar last Friday, reflecting a depreciation of N1.
As a result, the gap between the parallel market and the NFEM rate narrowed to N41 per dollar, down from N52 per dollar last weekend.
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