Nigeria News
Naira plunges against Dollar in Black Market
The Naira weakened to N1,585 per dollar in the parallel market yesterday, down from N1,580 per dollar last weekend.
However, in the Nigerian Foreign Exchange Market (NFEM), the Naira appreciated to N1,533 per dollar.
According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate for the Naira improved to N1,533 per dollar from N1,538 per dollar last Friday, reflecting a gain of N5.
As a result, the gap between the parallel market rate and the NFEM rate widened to N52 per dollar from N42 per dollar recorded last weekend.
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