Naira Gains in Parallel Market, Weakens Slightly at Official Window
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By Daniel Faith
The Naira recorded mixed movements on Thursday, appreciating in the parallel market while slipping marginally at the official Nigerian Foreign Exchange Market (NFEM).
At the parallel market, the local currency strengthened to N1,530 per dollar, compared to N1,535/$ recorded last week Thursday.
However, at the NFEM, the Naira weakened slightly to N1,513/$, down from N1,511.5/$ the previous week, according to data published by the Central Bank of Nigeria (CBN). This reflects a depreciation of N1.5.
As a result, the gap between the official and parallel market rates narrowed to N17/$, from N23.5/$ a week earlier.
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