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Naira Rises To N1,630/$ In Parallel Market

The Naira strengthened yesterday, rising to N1,630 per dollar in the parallel market from N1,640 on Tuesday.

Likewise, in the official foreign exchange market, it appreciated to N1,507 per dollar.

Data from the Central Bank of Nigeria (CBN) revealed that the Nigerian Foreign Exchange Market (NFEM) rate dropped to N1,507.3 per dollar from N1,520 on Tuesday, marking a N12.7 gain for the Naira. As a result, the gap between the parallel market and NFEM rates widened to N122.7 per dollar from N120 on Tuesday.

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