Naira gains against dollar, trades at N1,660/$ in parallel market

The Nigerian Naira experienced mixed movements in the foreign exchange market as of yesterday. In the parallel market, the Naira saw a slight appreciation, rising to N1,660 per dollar from N1,662 per dollar last weekend.

However, the Naira faced a setback in the official foreign exchange market, where it depreciated to N1,550 per dollar from N1,540 per dollar last weekend.

This marked a N10 decline in value, as reported by the Central Bank of Nigeria (CBN).

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Further data from FMDQ revealed a similar trend, with the indicative exchange rate slipping to N1,545.1 per dollar from N1,533 per dollar last Friday.

As a result, the gap between the parallel market and the official exchange rate has narrowed to N110 per dollar, down from N122 per dollar the previous week.