The Naira rose to N1,655 per dollar in the parallel market Tuesday, up from N1,665 last weekend. However, the Naira fell to N1,550 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) increased to N1,550 per dollar from N1,544.5 per dollar last Friday, signifying a N5.5 devaluation in the currency.
As a result, the difference between the parallel market and NFEM rates fell to N105 per dollar from N120.5 per dollar last Friday.
