Business
Naira Declines Slightly in Parallel Market, Gains in Official Window
The Nigerian naira weakened slightly in the parallel market on Tuesday, trading at N1,502 per dollar, down from N1,500 per dollar recorded on Monday.
However, in the Nigerian Foreign Exchange Market (NFEM), the currency showed a marginal improvement, appreciating to N1,501.5 per dollar. Data from the Central Bank of Nigeria (CBN) revealed that the indicative exchange rate strengthened from N1,504/$ on Monday to N1,501.5/$, marking a N2.5 gain for the naira.
As a result, the gap between the parallel market and the official rate narrowed to just 50 kobo per dollar, compared to the N4 spread seen the previous day.
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