BREAKING: Naira appreciates against dollar in parallel market

The Naira appreciated to N1,655 per dollar in the parallel market yesterday, up from N1,665 per dollar last weekend.

However, the Naira depreciated to N1,550 per dollar in the official foreign exchange market.

Data published by the Central Bank of Nigeria (CBN) showed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) rose to N1,550 per dollar, up from N1,544.5 per dollar last Friday, indicating a N5.5 depreciation for the Naira.

As a result, the margin between the parallel market and NFEM rate narrowed to N105 per dollar, down from N120.5 per dollar last Friday.