Naira strengthens to N1,455 per dollar in parallel market

 

The Naira recorded mixed movements yesterday, appreciating in the parallel market while depreciating slightly in the official Nigerian Foreign Exchange Market (NFEM).

In the parallel market, the Naira strengthened to ₦1,455 per dollar, up from ₦1,475 per dollar over the weekend.

However, in the NFEM, the currency slipped to ₦1,438 per dollar, according to the latest data from the Central Bank of Nigeria (CBN). This reflects a ₦10.5 depreciation from last Friday’s rate of ₦1,427.5 per dollar.

The developments also narrowed the gap between the parallel market and official NFEM rate, reducing the margin to ₦17 per dollar from ₦47.5 per dollar recorded last weekend.