Naira Appreciates To N1,525/$ In Parallel Market, Official Rate Strengthens To N1,506.5

The Naira on Tuesday recorded slight gains against the US dollar across both the parallel market and the Nigerian Foreign Exchange Market (NFEM).

In the parallel market, the Naira appreciated to N1,525 per dollar from N1,530 per dollar on Monday.

Similarly, data from the Central Bank of Nigeria (CBN) showed that the official exchange rate in the NFEM strengthened to N1,506.5 per dollar, compared to N1,513 recorded the previous day — reflecting a gain of N6.5.

Despite the appreciation, the margin between the NFEM and the parallel market widened, moving to N18.5 per dollar on Tuesday from N17 per dollar the day before.