Naira Appreciates to #1,655/$ in Parallel Market

Naira Appreciates to #1,655/$ in Parallel Market

The Naira yesterday appreciated to N1,655 per dollar in the parallel market from N1,665 per dollar last weekend. But, the Naira depreciated to N1,550 per dollar in the official foreign exchange market.

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) rose to N1,550 per dollar from N1,544.5 per dollar last week Friday, indicating N5.5 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to N105 per dollar from N120.5 per dollar last Friday.