Business
Naira Gains Strength in Parallel Market
The Naira appreciated to N1,575 per dollar in the parallel market on Tuesday, strengthening from N1,585 per dollar recorded on Monday. However, in the Nigerian Foreign Exchange Market (NFEM), the currency depreciated, reaching N1,535 per dollar compared to N1,533 per dollar the previous day.
According to data from the Central Bank of Nigeria (CBN), this represents a marginal N2 depreciation in the official market. As a result, the exchange rate gap between the parallel market and NFEM narrowed to N40 per dollar, down from N52 per dollar on Monday.
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