Market News
Naira appreciates in parallel market, trades N1,600/$ - NIGERIAN TRIBUNE
BY Israel Arogbonlo
The Naira on Monday appreciated to N1,600 per dollar in the parallel market, strengthening from N1,605 per dollar last weekend.
However, the Naira depreciated to N1,550 per dollar in the Nigerian Foreign Exchange Market (NFEM) from N1,547 per dollar last weekend, indicating a N3 depreciation.
According to data published by the Central Bank of Nigeria (CBN), the exchange rate for the Naira rose to N1,550 per dollar, resulting in a narrowed margin between the parallel market and NFEM rate of N50 per dollar, down from N58 per dollar last week Friday.
This development indicates a mixed performance for the Naira, with gains in the parallel market but losses in the NFEM.
The CBN’s continued intervention in the foreign exchange market is expected to support the Naira’s stability.
