Business
Naira Gains Strength in Parallel Market
The Naira appreciated to N1,560 per dollar in the parallel market on Thursday, strengthening from N1,570 per dollar recorded the previous day. However, in the Nigerian Foreign Exchange Market (NFEM), the currency experienced a slight depreciation, settling at N1,540 per dollar.
According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate for the Naira stood at N1,540 per dollar, marking a marginal drop from N1,539 per dollar on Wednesday. This represents a depreciation of N1 against the dollar.
As a result of these movements, the gap between the parallel market rate and the official NFEM rate narrowed to N20 per dollar, compared to N31 per dollar on Wednesday.
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