Naira strengthens to N1,412 per dollar on black market exchange
The Naira experienced a notable shift in value, strengthening to N1,412 per dollar in the parallel market, a gain from its previous value of N1,420 per dollar on Monday, according to Elizabeth Adegbesan.
nIn contrast, the Nigerian Foreign Exchange Market, NFEM, saw the naira depreciate to N1,382 per dollar, highlighting the complexities of the currency's performance.
nData released by the Central Bank of Nigeria, CBN, revealed that the indicative exchange rate for the naira increased to N1,382 per dollar, up from N1,380.5 per dollar on Monday, marking a depreciation of N1.5.
nThis change resulted in a narrowed margin between the parallel and official markets, now standing at N30 per dollar, down from N39.5 per dollar on Monday.
nThe interbank turnover at NFEM witnessed a significant surge, rising by 182.2 percent to N243.09 million, a substantial increase from the N86.13 million recorded on Monday.
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