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Naira Appreciates Against USD In Parallel Market— New Rate
Naira Appreciates Against USD In Parallel Market— New Rate
The naira appreciated in the parallel market yesterday, rising to N1,570 per dollar from N1,580 per dollar on Wednesday.
Meanwhile, in the Nigerian Foreign Exchange Market (NFEM), the naira experienced its first depreciation in a week, dropping to N1,525 per dollar.
According to data from the Central Bank of Nigeria (CBN), the official exchange rate edged up to N1,527.5 per dollar from N1,525, reflecting a depreciation of N2.5.
As a result, the gap between the parallel market and the NFEM rate narrowed to N42.5 per dollar, compared to N55 the previous day.
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