Naira strengthens to N1,396 per dollar on the black market
The Naira experienced a surge in value, rising to N1,396 per dollar in the parallel market, a notable improvement from the N1,400 per dollar recorded last Thursday.
nIn contrast, the Nigerian Foreign Exchange Market, NFEM, witnessed a decline in the Naira's value, which fell to N1,389 per dollar.
nAccording to data released by the Central Bank of Nigeria, CBN, the indicative exchange rate for the Naira increased to N1,389 per dollar, up from N1,382.75 per dollar last Thursday, marking a depreciation of N6.25 for the Naira.
nThe disparity between the parallel and official markets narrowed significantly, with the margin decreasing to N5 per dollar, a substantial reduction from the N17.25 per dollar recorded last week Thursday.
nThe Central Bank of Nigeria's data also revealed that the number of deals executed at the interbank market totaled 71, representing an 18 percent decline from the 87 deals recorded last week Thursday.
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