Naira Strengthens, Exchanges At ₦1,487 Per Dollar On Parallel Market
The Naira saw an appreciation in the parallel market yesterday, reaching N1,487 per dollar, an increase from N1,491 per dollar recorded on Monday.
The Naira also strengthened against the dollar in the Nigerian Foreign Exchange Market (NFEM), reaching N1,447 per dollar.
Data published by the Central Bank of Nigeria (CBN), showed that the exchange rate for the Naira fell to N1,447 per dollar from N1,452.5 per dollar on Monday, indicating N5.5 appreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate widened to N40 per dollar from N38.5 per dollar on Monday.
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