Naira appreciates to N1,600/$ in parallel market

The naira appreciated to N1,600 per dollar in the parallel market yesterday, improving from N1,610 per dollar recorded over the weekend.

Similarly, in the Nigerian Foreign Exchange Market (NFEM), the naira saw a slight increase, reaching N1,605 per dollar.

Data from the Central Bank of Nigeria (CBN) revealed that the exchange rate for the naira improved to N1,605 per dollar from N1,606 per dollar last Friday, marking a N1 gain.

As a result, the disparity between the parallel market and NFEM rates widened to N5 per dollar, compared to N4 per dollar over the weekend.