Yesterday, the exchange rate of the Naira experienced a decline in the parallel market, dropping to N1,650 per dollar, a slight decrease from N1,648 per dollar recorded on Monday.
In contrast, the Naira showed signs of appreciation in the official foreign exchange market, with its value rising to N1,537 per dollar, up from N1,538 per dollar the day before, reflecting a one Naira gain for the currency.
As a result, the gap between the rates in the parallel market and the Nigerian Foreign Exchange Market (NFEM) has widened to N113 per dollar, up from a margin of N110 per dollar observed on Monday.
These shifts in exchange rates, as reported by the Central Bank of Nigeria (CBN), highlight the ongoing volatility in the country’s foreign exchange landscape.
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