Naira rises to N1,660 per dollar in parallel market
In the parallel market, the value of the Naira increased from N1,662 to N1,660 per dollar over the weekend. On the official foreign exchange market, however, the value of the Naira dropped to N1,550 per dollar.
According to data from the Central Bank of Nigeria's (CBN) Daily Nigerian Foreign Exchange Market (NFEM), the naira depreciated by N10, as the indicative exchange rate increased to N1,550 per dollar from N1,540 per dollar the previous weekend.
The indicative exchange rate dropped from N1,533 per dollar last Friday to N1,545.1 per dollar, according to data from FMDQ.
As a result, on Friday, the difference between the NFEM rate and the parallel market dropped from N122 to N110 per dollar.
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