Naira Rises To N1,590/$ In Parallel Market

The naira gained value on Wednesday in the parallel market, rising to ₦1,590 per dollar compared to ₦1,595 on Tuesday.

Similarly, the Naira appreciated to N1,549 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira fell to N1,549 per dollar from N1,550 per dollar on Tuesday, indicating N1 appreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to N41 per dollar from N45 per dollar on Tuesday.