Brands and Marketing
UPDATED: Naira Depreciates Against Dollar In Parallel Market
UPDATED: Naira Depreciates Against Dollar In Parallel Market
The naira weakened in the parallel market yesterday, sliding to ₦1,540 per dollar from ₦1,525 per dollar on Tuesday. However, it strengthened in the Nigerian Foreign Exchange Market (NFEM), appreciating to ₦1,502.5 per dollar.
According to data from the Central Bank of Nigeria (CBN), the official rate improved from ₦1,506.5 to ₦1,502.5 per dollar, reflecting a ₦6.5 gain for the naira.
As a result, the gap between the parallel market and NFEM widened to ₦37.5 per dollar, compared to ₦18.5 per dollar on Tuesday.
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