Naira appreciates to N1,650/$ in parallel market
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The Nigerian Naira appreciated at N1,650 per dollar in the parallel market on Tuesday, December 31, after the close of trading, compared to N1,655 on Monday.
Furthermore, the Naira appreciated to N1,535 per dollar in the official forex market.
New data published by the Central Bank of Nigeria, CBN, showed that the Nigerian Foreign Exchange Market (NFEM) exchange rate fell to N1,535 per dollar from N1,537 per dollar on Monday, indicating an appreciation of N2 to the naira.
Furthermore, the margin between the parallel market and the NFEM rate narrowed to N115 per dollar from N118 per dollar on Monday.
This comes at a time when the FG and CBN have promised to enact policies in 2025 that will cushion the widening disparity between the Naira and the Dollar.
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Source: www.lindaikejisblog.com