Naira Rises To N1,630/$ In Parallel Market

The Naira strengthened yesterday, rising to N1,630 per dollar in the parallel market from N1,640 on Tuesday. Likewise, it appreciated to N1,507 per dollar in the official foreign exchange market.

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for Nigerian Foreign Exchange Market   (NFEM) fell to N1,507.3 per dollar from N1,520 per dollar on Tuesday , indicating N12.7 appreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate widened to N122.7 per dollar from N120 per dollar on Tuesday.