The Naira rose to N1,640 per dollar in the parallel market today from N1,655 per dollar on Monday. Similarly, the Naira rose to N1,526.3 per dollar on the official foreign currency market.
The Central Bank of Nigeria (CBN) said that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) declined to N1,526.3 per dollar from N1,533.5 per dollar on Monday, suggesting a N7.2 appreciation for the naira.
As a result, the gap between the parallel market and the NFEM rate shrank to N113.7 per dollar from N121.5 per dollar on Monday.
