Market News
Naira appreciates, trades N1,590/$ in parallel market - NIGERIAN TRIBUNE
The Naira, on Wednesday, appreciated against the US dollar, trading at N1,590 per dollar in the parallel market, up from N1,595 per dollar the previous day.
Similarly, in the Nigerian Foreign Exchange Market (NFEM), the Naira strengthened to N1,549 per dollar from N1,550 per dollar on Tuesday, indicating a N1 appreciation.
According to data published by the Central Bank of Nigeria (CBN), the exchange rate for the Naira fell to N1,549 per dollar from N1,550 per dollar on Tuesday.
As a result, the margin between the parallel market and NFEM rate narrowed to N41 per dollar from N45 per dollar on Tuesday.
This development indicates a positive trend for the Nigerian economy, with the Naira gaining value against the US dollar in both the parallel market and the NFEM.
