The Nigerian Naira experienced mixed movements in the foreign exchange market yesterday, appreciating slightly in the parallel market and depreciating in the official market, SAVANNAH NEWSNOW REPORTS.
In the parallel market, the Naira rose to N1,660 per dollar from N1,662 per dollar last weekend.
However, it depreciated to N1,550 per dollar from N1,540 per dollar last weekend in the official foreign exchange market, marking a N10 decline in value as reported by the Central Bank of Nigeria.
Further data from FMDQ revealed a similar trend, with the indicative exchange rate slipping to N1,545.1 per dollar from N1,533 per dollar last Friday.
As a result, the gap between the parallel market and the official exchange rate has narrowed to N110 per dollar, down from N122 per dollar the previous week.
