Business News
Naira strengthens to N1,465/$ in parallel market
The naira gained strength yesterday, rising to N1,465 per dollar in the parallel market, compared to N1,474 per dollar recorded last weekend.
The currency also appreciated in the Nigerian Foreign Exchange Market (NFEM), where it traded at N1,452 per dollar.
According to fresh data from the Central Bank of Nigeria (CBN), the official exchange rate improved from N1,458 per dollar last Friday to N1,452 per dollar, showing a N6 increase in value for the naira.
As a result, the margin between the parallel market and NFEM rate narrowed to N13 per dollar from N16 per dollar last weekend.
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