Naira Appreciates to N1,630 per Dollar in Parallel
The Naira appreciated yesterday, trading at N1,630 per dollar in the parallel market, up from N1,640 per dollar on Tuesday. In the official foreign exchange market, the Naira also strengthened, reaching N1,507 per dollar compared to N1,520 per dollar on Tuesday.
Data published by the Central Bank of Nigeria (CBN) revealed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) improved from N1,520 per dollar to N1,507.3, resulting in an appreciation of N12.7 for the Naira.
As a result, the gap between the parallel market and the NFEM rate increased to N122.7 per dollar from N120 per dollar on Tuesday.
