Naira Recovers, Sells At N1,660/$ In Parallel Market

The Naira on monday appreciated to N1,660 per dollar in the parallel market from N1,662 per dollar last weekend.

However, the Naira depreciated to N1,550 per dollar in the official foreign exchange market.

Data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,550 per dollar from N1,540 per dollar last weekend, indicating N10 depreciation for the naira.

Data from FMDQ showed that the indicative exchange rate depreciated to N1,545.1 per dollar from N1,533 per dollar last week Friday.

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Consequently, the margin between the parallel market and NFEM rate narrowed to N110 per dollar from N122 per dollar last week Friday.