Naira now trades at N1,389 per U.S. dollar in the parallel market.

By Elizabeth Adegbesan

Yesterday, the Naira strengthened to N1,389 per dollar in the parallel market, up from N1,400 per dollar on Monday.

In contrast, the official rate in the Nigerian Foreign Exchange Market (NFEM) weakened to N1,356.5 per dollar.

Central Bank of Nigeria data show that the indicative exchange rate rose to N1,356.5 per dollar from N1,356 per dollar on Monday, reflecting a 50‑kobo depreciation of the Naira.

As a result, the spread between the parallel and official markets narrowed to N32.5 per dollar, down from N44 per dollar on Monday.

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