Naira Rises To N1,620/$ In Parallel Market

The naira strengthened on Tuesday, appreciating to N1,620 per dollar in the parallel market, up from N1,625 per dollar recorded on Monday.

But the Naira depreciated to N1,598.69 per dollar in the Nigerian Foreign Exchange Market (NFEM),

Data published by FMDQ showed that the exchange rate for the naira rose slightly to N1,598.69 per dollar from N1,597 per dollar on Monday, indicating N1.69 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to N21.31 per dollar from N28 per dollar on Monday.