Business News
Naira falls to N1,474/$ in parallel market
The naira yesterday weakened in the parallel market, dropping to N1,474 per dollar from N1,465 recorded on Monday.
However, at the Nigerian Foreign Exchange Market (NFEM), the naira moved in the opposite direction, appreciating to N1,441 per dollar.
Figures released by the Central Bank of Nigeria (CBN) showed that the official exchange rate strengthened from N1,452 per dollar on Monday to N1,441 per dollar on Tuesday, reflecting an N11 gain for the local currency.
As a result, the margin between the parallel market and NFEM rate widened to N33 per dollar from N13 per dollar on Monday.
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