The Naira gained strength yesterday, rising to ₦1,465 per dollar in the parallel market, an improvement from ₦1,474 recorded over the weekend. The currency also appreciated in the Nigerian Foreign Exchange Market (NFEM), where it closed at ₦1,452 per dollar.
Updated data from the Central Bank of Nigeria (CBN) shows the official rate improved from ₦1,458 last Friday to ₦1,452, marking a ₦6 appreciation.
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With both markets recording gains, the gap between the NFEM and the parallel-market rate has narrowed to ₦13, down from ₦16 over the weekend. This indicates a slightly more stable exchange environment for now.
