Naira appreciates to ₦1,560/$ in Parallel market

The Naira appreciated to 1,560 per dollar in the parallel market as at close f work on Friday, up from 1,565 per dollar the previous day. In the Nigerian Foreign Exchange Market (NFEM), the naira also appreciated, closing at 1,534 per dollar. However, data from the Central Bank of Nigeria (CBN) indicated that the official exchange rate rose slightly to 1,535.5 per dollar from 1,534 per dollar on Wednesday, reflecting a minor depreciation of 1.5. As a result, the gap between the parallel market and the NFEM rate narrowed to 24.5 per dollar, compared to 31 per dollar on Thursday. This week, the parallel market experienced a 30 depreciation overall, while the previous week saw a marginal gain of 50 kobo. In contrast, the official market recorded no significant movement in the nairas value throughout the week. The post Naira appreciates to 1,560/$ in Parallel market appeared first on Linda Ikeji Blog.