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Naira strengthens to N1,462/$ in parallel market

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8 months ago

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The Naira strengthened slightly in the parallel market on Tuesday, trading at N1,462 per dollar compared to N1,465 on Monday. 

However, it weakened at the official Nigerian Foreign Exchange Market (NFEM), where it fell to N1,440.89 per dollar.

According to data from the Central Bank of Nigeria (CBN), the exchange rate dropped from N1,437.50 per dollar recorded on Monday, showing a depreciation of N3.39 in the value of the Naira.

As a result, the margin between the parallel market and NFEM rate narrowed to N21.11 per dollar from N27.5 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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