The naira appreciated in value on Monday, exchanging at N1,600 per dollar in the parallel market, a gain from the N1,610 per dollar recorded over the weekend.
Similarly, in the Nigerian Foreign Exchange Market, the naira posted a marginal improvement, appreciating to N1,605 per dollar from N1,606 per dollar recorded last Friday.
Data published by the Central Bank of Nigeria confirmed the slight appreciation in the official exchange rate, reflecting a N1 gain in the value of the naira against the United States dollar.
As a result of the movement in both markets, the margin between the parallel market rate and the NFEM rate widened to N5 per dollar, compared to the N4 per dollar spread recorded over the weekend.
Tags: Dollar-Naira
