The Naira weakened to N1,502 per dollar in the parallel market yesterday, down from N1,500 per dollar on Monday.
However, data from the Central Bank of Nigeria (CBN) revealed the Naira appreciated in the Nigerian Foreign Exchange Market (NFEM), strengthening to N1,501.5 per dollar from N1,504 per dollar. This represents a gain of N2.5.
As a result, the gap between the parallel market and NFEM rates narrowed to 50 kobo per dollar, compared to N4 per dollar the previous day.
