Naira Strengthens to ₦1,467 Per Dollar on the Parallel Market
The Naira strengthened to N1,467 per dollar in the parallel market today, up from N1,470 per dollar on Monday.
However, the naira depreciated to N1,458 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data published by the Central Bank of Nigeria (CBN), showed that the exchange rate for the naira rose to N1,458 per dollar from N1,447 per dollar on Monday, indicating N11 depreciation for the naira.
As a result, the margin between the parallel market and NFEM rate narrowed to N9 per dollar from N23 per dollar on Monday.
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