Brands and Marketing
UPDATED: Naira Falls Against Dollar In parallel Market
UPDATED: Naira Falls Against Dollar In parallel Market
The naira weakened in the parallel market yesterday, falling to N1,585 per dollar from N1,570 on Monday.
However, in the Nigerian Foreign Exchange Market (NFEM), the naira strengthened, appreciating to N1,527 per dollar.
According to data released by the Central Bank of Nigeria (CBN), the official exchange rate improved from N1,532 per dollar on Monday to N1,527 per dollar, marking a N5 gain for the naira.
As a result, the gap between the parallel market and the NFEM rate widened to N58 per dollar, up from N38 the previous day.
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