Nigerian currency strengthens to N1,403 on the black market
The Naira saw a notable surge in value yesterday, with its exchange rate rising to N1,403 per dollar in the parallel market, a marked improvement from the N1,408 per dollar recorded on Monday.
nIn a similar vein, the Nigerian Foreign Exchange Market, NFEM, witnessed the naira appreciate to N1,345 per dollar, underscoring a significant shift in the currency's value.
nAccording to data released by the Central Bank of Nigeria, CBN, the indicative exchange rate for the naira dropped to N1,345 per dollar, down from N1,355 per dollar on Monday, thereby signifying a N10 gain for the naira.
nThe consequence of this development was a narrowing of the gap between the parallel and official markets, with the margin shrinking to N48 per dollar from the N53 per dollar observed on Monday.
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