Business
Naira Appreciates Further in Parallel Market
The Naira appreciated against the U.S. dollar in the parallel market on Wednesday, rising to N1,630 per dollar from N1,640 per dollar the previous day. In the official foreign exchange market, the currency also gained value, reaching N1,507 per dollar.
According to data from the Central Bank of Nigeria (CBN), the exchange rate in the Nigerian Foreign Exchange Market (NFEM) dropped to N1,507.3 per dollar from N1,520 per dollar on Tuesday, reflecting a N12.7 gain for the local currency.
Despite this appreciation, the gap between the parallel market rate and the NFEM rate widened slightly to N122.7 per dollar from N120 per dollar on Tuesday.
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