Naira rises to N1,590/$ in Parallel market

Naira rises to N1,590/$ in Parallel market

The Naira was up from N1,595 on Tuesday to N1,590 per dollar on the parallel market at the end of trading on Wednesday, June 25.

Similarly, in the Nigerian Foreign Exchange Market (NFEM), the naira also strengthened, closing at N1,549 per dollar.

According to data released by the Central Bank of Nigeria (CBN), the official exchange rate improved slightly from N1,550 per dollar on Tuesday to N1,549 per dollar, reflecting a one-naira gain.

As a result, the gap between the parallel market and the official NFEM rate narrowed to N41 per dollar, compared to N45 on Tuesday