Business
Naira Strengthens Slightly in Parallel Market, Weakens in Official Window
The naira gained marginally in the parallel market on Tuesday, appreciating to N1,618 per dollar from N1,620 per dollar recorded on Monday. However, the local currency weakened in the Nigerian Foreign Exchange Market (NFEM), where it fell to N1,604 per dollar from N1,599 per dollar the previous day, marking a depreciation of N5.
According to data released by the Central Bank of Nigeria (CBN), the shift in the official rate reduced the gap between the parallel market and NFEM exchange rates. The margin narrowed to N14 per dollar on Tuesday, down from N21 on Monday.
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