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New Exchange Rate Released As Naira Depreciate In Parallel Market
New Exchange Rate Released As Naira Depreciate In Parallel Market
The naira yesterday fell to ₦1,560 per dollar in the parallel market, down from ₦1,555 per dollar on Tuesday.
However, in the Nigerian Foreign Exchange Market (NFEM), the currency strengthened to ₦1,535.4 per dollar.
Data from the Central Bank of Nigeria (CBN) revealed that the NFEM rate improved from ₦1,536.8 per dollar on Tuesday, marking a ₦1.4 gain for the naira.
As a result, the gap between the parallel market and NFEM rates widened to ₦24.6 per dollar, compared to ₦18.2 per dollar the previous day.
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