Business News
Naira strengthens to N1,390/$ in parallel market
The naira showed a mixed performance on Tuesday, recording a slight gain in the parallel market while weakening at the official window.
In the parallel market, the local currency appreciated marginally to N1,390 per dollar, improving from N1,392 per dollar recorded on Monday.
However, at the Nigerian Foreign Exchange Market (NFEM), the naira depreciated to N1,383 per dollar.
Figures released by the Central Bank of Nigeria indicated that the indicative exchange rate rose from N1,369 per dollar on Monday to N1,383 per dollar, representing a N14 loss for the naira at the official market.
Consequently, the margin between the parallel and official markets narrowed to N7 per dollar from N23 per dollar on Monday.
The turnover in the interbank foreign exchange market grew by 28.8 percent to $98.8 million from $76.7 million.
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