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.
0 Comments