The Naira recorded mixed movements yesterday, appreciating in the parallel market while depreciating slightly in the official Nigerian Foreign Exchange Market (NFEM).
In the parallel market, the Naira strengthened to ₦1,455 per dollar, up from ₦1,475 per dollar over the weekend.
However, in the NFEM, the currency slipped to ₦1,438 per dollar, according to the latest data from the Central Bank of Nigeria (CBN). This reflects a ₦10.5 depreciation from last Friday’s rate of ₦1,427.5 per dollar.
The developments also narrowed the gap between the parallel market and official NFEM rate, reducing the margin to ₦17 per dollar from ₦47.5 per dollar recorded last weekend.
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