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Naira Strengthens to ₦1,525/$ in Parallel Market

The Naira strengthened to ₦1,525 per dollar in the parallel market and ₦1,506.5 at the Nigerian Foreign Exchange Market, according to CBN data, widening the gap between both rates to ₦18.5.

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Money naira and dollar

The Naira yesterday appreciated to ₦1,525 per dollar in the parallel market, up from ₦1,530 per dollar recorded on Monday.

A similar trend was observed in the Nigerian Foreign Exchange Market (NFEM), where the currency strengthened to ₦1,506.5 per dollar.

According to data released by the Central Bank of Nigeria (CBN), the naira gained ₦6.5 against the U.S. dollar, moving from ₦1,513 per dollar on Monday to ₦1,506.5 per dollar.

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As a result, the gap between the parallel market and the NFEM widened slightly to ₦18.5 per dollar, compared to ₦17 per dollar the previous day.

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