The Naira appreciated in the parallel market yesterday, strengthening to N1,650 per dollar from Monday’s N1,665 per dollar.
However, it weakened in the official foreign exchange market, depreciating to N1,538 per dollar. According to data from the Central Bank of Nigeria (CBN), the Nigerian Foreign Exchange Market (NFEM) rate increased to N1,538 per dollar, compared to N1,534.56 per dollar on Monday, reflecting a N3.44 decline in the Naira’s value.
As a result, the gap between the parallel market and NFEM rates narrowed to N112 per dollar, down from N130.44 per dollar on Monday.
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