Naira hikes to N1,545/$ in parallel market

The naira strengthened to ₦1,545 per dollar in the parallel market on Tuesday, up from ₦1,550 per dollar recorded over the weekend.

Similarly, in the Nigerian Foreign Exchange Market (NFEM), the naira appreciated to ₦1,528.65 per dollar.

According to data released by the Central Bank of Nigeria (CBN), the official exchange rate improved from ₦1,532 per dollar last Friday to ₦1,528.65 per dollar, reflecting a gain of ₦3.35.

As a result, the gap between the parallel market and the official NFEM rate narrowed to ₦16.35 per dollar, compared to ₦18 per dollar last weekend.