Business
Naira appreciates to N1,685 in parallel market amid rising margins
The Naira gained ground against the dollar in the parallel market yesterday, appreciating to N1,685 per dollar from Wednesday’s rate of N1,695 per dollar.
Similarly, in the official foreign exchange market, the Naira strengthened to N1,567 per dollar, continuing a four-day appreciation streak. Data from the Central Bank of Nigeria (CBN) revealed that the Naira rose from N1,660 per dollar on Monday to its current rate, reflecting a weekly appreciation of N93.
This development has, however, widened the margin between the parallel market rate and the official Nigerian Foreign Exchange Market (NAFEM) rate to N118 per dollar, up from N87 per dollar on Wednesday.
The sustained appreciation is seen as a positive signal for Nigeria’s economy, though analysts suggest a need for strategies to close the widening exchange rate gap.
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