Brands and Marketing
UPDATED: Naira Falls To N1,635/$ In Parallel Market
UPDATED: Naira Falls To N1,635/$ In Parallel Market
The naira weakened in the parallel market yesterday, falling to N1,635 per dollar from N1,625 per dollar on Tuesday.
Reports noted that since the start of the month, the naira has depreciated by 1.8 percent or N29 in the parallel market.
However, the naira strengthened in the Nigerian Foreign Exchange Market (NFEM), appreciating to N1,596 per dollar.
According to data released by the Central Bank of Nigeria (CBN), the official exchange rate improved from N1,599.8 per dollar on Tuesday, marking a gain of N3.8.
As a result, the gap between the parallel market and NFEM rates widened to N39 per dollar, up from N25.2 per dollar on Tuesday.
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