Brands and Marketing
UPDATED: Naira Rises To N1,560/$ In Parallel Market
UPDATED: Naira Rises To N1,560/$ In Parallel Market
Yesterday, the Naira strengthened in the parallel market, rising to ₦1,560 per dollar from ₦1,565 recorded last Friday.
However, in the Nigerian Foreign Exchange Market (NFEM), it weakened to ₦1,538.4 per dollar.
According to data from the Central Bank of Nigeria (CBN), the NFEM exchange rate increased from ₦1,534.9 per dollar last weekend to ₦1,538.4, reflecting a ₦3.5 depreciation.
As a result, the gap between the parallel market rate and the NFEM rate narrowed to ₦21.6 per dollar, down from ₦30.1 per dollar last weekend.
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