Naira again gains in the parallel market, weakens at the official window. – Reports

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The naira showed mixed performance yesterday, appreciating slightly in the parallel market while recording a marginal depreciation at the Nigerian Foreign Exchange Market (NFEM).

In street trading, the currency strengthened to N1,530 per dollar, up from N1,535 per dollar recorded last Thursday. However, at the NFEM, the naira slipped to a new level of N1,513 per dollar, compared to N1,511.5 per dollar last week, according to data published by the Central Bank of Nigeria (CBN).

CBN figures indicated a depreciation of about N1.5 at the official window. “The exchange rate for the naira rose to N1,513 per dollar from N1,511.5 per dollar last week Thursday, indicating a N1.5 depreciation,” the data showed.

As a result, the margin between the official and parallel market rates narrowed. “Consequently, the gap between the parallel market and NFEM rate closed to N17 per dollar from N23.5 per dollar last Thursday,” the report added.

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