Business
Naira Strengthens Slightly Against Dollar in Parallel Market
The Naira gained some ground in the parallel market on Monday, trading at N1,590 per dollar compared to N1,600 recorded over the weekend.
In contrast, the official Nigerian Foreign Exchange Market (NFEM) saw a slight dip in the currency’s value, with the Naira closing at N1,549 per dollar, according to data from the Central Bank of Nigeria (CBN). This marks a minor depreciation from Friday’s rate of N1,548 per dollar.
As a result of these movements, the gap between the parallel market and official rates narrowed to N41 per dollar, down from N52 per dollar at the end of last week.
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