The Naira rose to N1,660 per dollar in the parallel market yesterday, up from N1,662 per dollar the previous weekend.
However, the Naira fell to N1,550 per dollar in the official foreign currency market.
According to data from the Central Bank of Nigeria’s (CBN) Daily Nigerian Foreign Exchange Market (NFEM), the naira’s indicative exchange rate increased to N1,550 per dollar from N1,540 per dollar last weekend, indicating a N10 depreciation.
The FMDQ data, it indicative exchange rate fell to N1,545.1 per dollar, down from N1,533 per dollar last Friday.
As a result, the difference between the parallel market and the NFEM rate has reduced to N110 per dollar, down from N122 last Friday.
