Business
Naira rises to N1,393/$ in parallel market
Naira Sees Gains in Parallel and Official Markets
The Naira appreciated to 1,393 per dollar in the parallel market on Tuesday, increasing from 1,405 per dollar on Monday.
In the Nigerian Foreign Exchange Market (NFEM), the Naira also strengthened, rising to 1,373 per dollar from 1,375 the previous day. Data from the Central Bank of Nigeria (CBN) indicated a N2 improvement in the indicative exchange rate for the NFEM.
As a result, the gap between the parallel market and the official rate narrowed to 20 Naira per dollar, down from 30 Naira per dollar on Monday.
Additionally, trading volume in the interbank foreign exchange market rose by 4.6 percent, reaching $74.5 million, compared to $71.2 million the day before.
