BREAKING: Naira rises against Dollar in Parallel Market – Reports

Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us

The Nigerian Naira has seen a mixed performance in the currency markets. In the parallel market, the Naira appreciated to N1,540 per dollar, up from N1,550 per dollar last weekend. However, in the Nigerian Foreign Exchange Market (NFEM), the Naira depreciated to N1,536.99 per dollar from N1,535 per dollar last weekend, representing a depreciation of N1.99.

For further information, read more details here

According to data from the Central Bank of Nigeria (CBN), the margin between the parallel market and NFEM rates has narrowed significantly to N3.01 per dollar from N15 per dollar last Friday. Other sources indicate the current black market rates are:

– Buying Rates:

– USD: N1,535

    – GBP: N2,085

    – EUR: N1,765

– Selling Rates:

    – USD: N1,550

    – GBP: N2,130

    – EUR: N1,800

Additionally, the official exchange rates are:

– 1 USD = N1,534.18 (up 0.56% from yesterday)

– 1 USD = N1,534.81 (according to (link unavailable))

It’s worth noting that forex demand remains strong, particularly from importers, students paying tuition fees abroad, and Nigerians traveling for business and leisure, which can impact exchange rates.

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post