Naira Strengthens to N1,600/$ on Parallel Market

Dollar to Naira in Parallel Market

The naira appreciated to N1,600 per dollar on the parallel market yesterday, up from N1,605 per dollar recorded over the weekend.

However, the local currency slipped in the Nigerian Foreign Exchange Market (NFEM), where it depreciated to N1,550 per dollar.

According to data released by the Central Bank of Nigeria (CBN), the official exchange rate weakened slightly, rising to N1,550 per dollar from N1,547 per dollar last weekend — a marginal depreciation of N3.

As a result, the gap between the parallel market and the official NFEM rate narrowed to N50 per dollar, compared to N58 per dollar as of last Friday.

Vanguard

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