The Naira appreciated in the parallel market yesterday, trading at N1,660 per dollar, an improvement from N1,662 per dollar recorded last weekend.
In contrast, the official foreign exchange market saw a depreciation, with the Naira weakening to N1,550 per dollar.
According to data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria (CBN), the indicative exchange rate rose to N1,550 per dollar, marking a N10 decline compared to N1,540 per dollar last weekend.
Similarly, FMDQ data revealed that the indicative exchange rate depreciated to N1,545.1 per dollar, down from N1,533 per dollar recorded last Friday.
As a result, the gap between the parallel market rate and the NFEM rate narrowed to N110 per dollar, compared to N122 per dollar last Friday.
