Nigeria News
Naira floors dollar in parallel market, climbs to N1,590/$
The Naira strengthened to N1,590 per dollar in the parallel market yesterday, improving from N1,600 per dollar recorded last weekend.
However, in the Nigerian Foreign Exchange Market (NFEM), the Naira depreciated slightly to N1,549 per dollar.
According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate for the Naira rose to N1,549 per dollar, compared to N1,548 per dollar last Friday—marking a N1 depreciation.
As a result, the gap between the parallel market rate and the NFEM rate narrowed to N41 per dollar, down from N52 per dollar last weekend.
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