Market News
Naira down to N1,470/$ in parallel market - VANGUARD
By Elizabeth Adegbesan
The Naira yesterday ended the year on a low note, as it depreciated to N1,470 per dollar in the parallel market from N1,465 per dollar on Tuesday.
But, the naira appreciated to N1,429 per dollar in the Nigerian Foreign Exchange Market, NFEM.
Data from the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira fell to N1,429 per dollar from N1,445 per dollar on Tuesday, indicating a N16 appreciation for the naira. Consequently, the margin between the parallel and official markets widened to N41 per dollar from N20 per dollar on Tuesday.
In 2025, the naira gained N109.5 against the dollar in the official market, opening the year at the rate of N1,538.5 per dollar. Likewise, the local currency strengthened by N200 against the green back in the parallel market last year, resuming at N1,670 per dollar.
