Business
Naira Gains Value Against the Dollar in Parallel, Official Markets
The naira gained some ground against the dollar in both the parallel and official foreign exchange markets yesterday. In the parallel market, the naira appreciated to N1,600 per dollar, up from N1,610 per dollar last weekend. Similarly, the currency recorded a slight increase in the Nigerian Foreign Exchange Market (NFEM), where it rose to N1,605 per dollar, compared to N1,606 per dollar the previous Friday.
According to data from the Central Bank of Nigeria (CBN), the exchange rate for the naira in the official market decreased by just one naira, indicating a modest improvement in its value. As a result, the difference between the parallel market rate and the official rate widened to N5 per dollar, up from N4 per dollar observed over the weekend.
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