The Naira experienced mixed movements across different exchange markets yesterday, strengthening in the parallel market while losing ground in the official Nigerian Foreign Exchange Market.
In the parallel market, the local currency appreciated to N1,575 per dollar, marking an improvement from N1,585 per dollar recorded on Monday.
However, in the NFEM, the Naira weakened slightly, as data from the Central Bank of Nigeria showed the indicative exchange rate climbing to N1,535 per dollar, up from N1,533 per dollar on Monday, reflecting a N2 depreciation.
As a result, the gap between the parallel market and NFEM rates shrank to N40 per dollar, down from N52 per dollar at the start of the week.
Tags: Naira appreciates
