UPDATED: Naira Appreciates To N1,620/$ In Parallel Market

UPDATED: Naira Appreciates To N1,620/$ In Parallel Market

Yesterday, the naira appreciated to N1, 620 per dollar in the parallel market from N1,625 per dollar on Monday.

In contrast, the Naira depreciated to N1,598.69 per dollar in the Nigerian Foreign Exchange Market (NFEM).

According to the Data released by FMDQ, it showed that the exchange rate for the naira appreciated slightly to N1,598.69 per dollar from N1,597 per dollar on Monday, indicating N1.69 depreciation for the naira.

Following this development, the margin between the parallel market and NFEM rate widened to N21.31 per dollar from N28 per dollar on Monday effectively.