Naira Appreciates to N1,456 per Dollar in Parallel Market
Today, the Naira strengthened to N1,455 per dollar in the parallel market, improving from N1,460 per dollar on Thursday. Meanwhile, in the Nigerian Foreign Exchange Market (NFEM), the Naira weakened slightly to N1,438.50 per dollar.
Data from the Central Bank of Nigeria (CBN) revealed the exchange rate moved from N1,437.5 on Thursday to N1,438.5 per dollar, showing a depreciation of N1 for the Naira.
Consequently, the difference between the parallel market and NFEM rates reduced to N17.50 per dollar from N22.50 per dollar the previous day.
- This week, the Naira declined by 50 kobo in the official market.
- In the parallel market, it weakened by N1 overall.
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Author's summary: The Naira showed mixed performance as it strengthened in the parallel market but weakened slightly in the official exchange market, narrowing the gap between both rates.