Business
Naira Records Gains in Parallel and Official Markets
The Naira showed signs of recovery yesterday, appreciating to N1,685 per dollar in the parallel market from the previous day’s rate of N1,695 per dollar.
In the official foreign exchange market, the Naira also gained ground, reaching N1,567 per dollar. According to data from the Central Bank of Nigeria (CBN) on the Daily Nigerian Foreign Exchange Market (NFEM), this marks the fourth consecutive day of appreciation, as the Naira rose from N1,660 per dollar on Monday to its current level, reflecting a significant N93 gain this week.
As a result, the gap between the parallel market and the official NFEM rate widened to N118 per dollar, compared to N87 per dollar recorded on Wednesday.
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