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Naira appreciates to N1,403 per dollar in parallel market

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4 months ago

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The naira recorded a slight appreciation on Tuesday, strengthening to N1,403 per dollar in the parallel market, up from N1,408 per dollar on Monday.

In the Nigerian Foreign Exchange Market (NFEM), the local currency also improved, closing at N1,345 per dollar.

Figures released by the Central Bank of Nigeria (CBN) showed that the indicative exchange rate dropped from N1,355 per dollar on Monday to N1,345 per dollar, indicating a N10 gain for the naira.

Consequently, the margin between the parallel and official markets narrowed to N48 per dollar from N53 per dollar on Monday.

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Pearl Essien is a digital content creator and a graduate of the prestigious University of Calabar. With over four years of experience in writing, she specializes in crafting engaging stories that inform and inspire readers. Outside of her work, Pearl enjoys storytelling, reading, and playing table tennis, bringing the same curiosity and passion to her hobbies as she does to her writing.

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