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Naira Rises To N1,575/$ In Parallel Market
Naira Rises To N1,575/$ In Parallel Market
Yesterday, the Naira appreciated to N1, 575 per dollar in the parallel market from N1,585 per dollar on Monday.
Contrary to this development, the Naira depreciated to N1,535 per dollar in the Nigerian Foreign Exchange Market (NFEM).
According to Data gathered by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,535 per dollar from N1,533 per dollar on Monday, indicating N2 depreciation for the naira.
As a result, the margin between the parallel market and NFEM rate narrowed to N40 per dollar from N52 per dollar on Monday.
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