Business
Naira Appreciates to N1,660/$ in Parallel Market
The Naira strengthened to N1,660 per dollar in the parallel market yesterday, improving slightly from N1,662 per dollar recorded over the weekend. However, the currency depreciated in the official foreign exchange market, trading at N1,550 per dollar.
According to data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria (CBN), the indicative exchange rate climbed to N1,550 per dollar from N1,540 per dollar at the end of last week, reflecting a depreciation of N10. Similarly, figures from FMDQ indicated that the exchange rate weakened to N1,545.1 per dollar compared to N1,533 per dollar last Friday.
As a result, the margin between the parallel market rate and the official NFEM rate narrowed to N110 per dollar from N122 per dollar recorded last week.
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