Breaking News
Naira Strengthens in Black Market as Official Exchange Rate Weakens
The Naira strengthened to N1,655 per dollar in the parallel market yesterday, a notable improvement from the N1,665 per dollar recorded last weekend. However, in the official foreign exchange market, the currency weakened, depreciating to N1,550 per dollar.
According to data released by the Central Bank of Nigeria (CBN), the exchange rate in the Nigerian Foreign Exchange Market (NFEM) rose to N1,550 per dollar, compared to N1,544.5 per dollar last Friday. This represents a depreciation of N5.5 for the Naira within the official market.
As a result of these fluctuations, the margin between the parallel market rate and the official NFEM rate narrowed to N105 per dollar, down from N120.5 per dollar recorded last Friday.
-
Entertainment2 years agoAdanma Luke Appeals for Forgiveness over Junior Pope’s Death: “I’m Gradually Losing My Life, Please Forgive Me”
-
Security News2 years agoRivers: Tension as Gunmen on Speedboat Abduct Fubara, Police Launch Manhunt
-
Security News2 years agoSoldiers in South East Extort, Humiliate Us While Kidnappers Operate Freely Near Checkpoints, Igbo Women’s Group Alleges
-
Politics2 years agoRevealed: Ajuri Ngelale Fired Over Feud with Onanuga, Despite Medical Cover Story
-
General News2 years agoGov. Soludo Seals Peter Obi’s Campaign Office, Edozie Njoku-Led APGA State Office
-
Security News2 years agoEnugwu-Ukwu in Shock: Deadly Ambush Leaves Multiple Dead, Survivors in Fear
-
General News2 years agoVideo: Moment DSS Staff Erupt in Jubilation as News of Bichi’s Sack Announced
-
Breaking News2 years agoJUST IN: Presidential Adviser Ajuri Ngelale Steps Down Temporarily, Cites Reasons