Brands and Marketing
UPDATED: Naira Appreciates To N1,618/$ In Parallel Market
UPDATED: Naira Appreciates To N1,618/$ In Parallel Market
The naira strengthened in the parallel market yesterday, appreciating to N1,618 per dollar from N1,620 per dollar on Monday.
However, it weakened in the Nigerian Foreign Exchange Market (NFEM), falling to N1,604 per dollar.
According to data released by the Central Bank of Nigeria (CBN), the indicative exchange rate rose to N1,604 per dollar from N1,599 on Monday, reflecting a N5 depreciation.
As a result, the gap between the parallel market rate and the NFEM rate narrowed to N14 per dollar from N21 on Monday.
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