Naira Appreciates To N1,660/$ In Parallel Market

The Naira witnessed a slight appreciation in the parallel market, climbing to N1,660 per dollar, compared to its previous value of N1,662 per dollar recorded last weekend.

Meanwhile, in the official foreign exchange market, the Naira experienced a decline, depreciating to N1,550 per dollar.

According to data released by the Central Bank of Nigeria (CBN) via the Daily Nigerian Foreign Exchange Market (NFEM) report, the indicative exchange rate for the Naira dropped to N1,550 per dollar, a N10 decline from the N1,540 per dollar rate recorded last weekend.

Additionally, information from FMDQ Securities Exchange revealed a further depreciation in the indicative exchange rate, falling to N1,545.1 per dollar compared to N1,533 per dollar as of last week Friday.

As a result, the gap between the parallel market rate and the NFEM rate reduced to N110 per dollar, a significant improvement from the N122 per dollar margin reported last week Friday.