The Naira experienced a slight depreciation in the parallel market yesterday, weakening to N1,502 per dollar from N1,500 per dollar on Monday.
However, in the Nigerian Foreign Exchange Market (NFEM), the currency showed a marginal appreciation, rising to N1,501.5 per dollar.
According to data published by the Central Bank of Nigeria (CBN), the indicative exchange rate for the naira in the official market strengthened from N1,504 per dollar on Monday to N1,501.5 per dollar, reflecting a N2.5 appreciation.
As a result, the disparity between the parallel market and NFEM exchange rates narrowed significantly, dropping from N4 per dollar the previous day to just 50 kobo per dollar.
