Naira appreciates to N1,660/$ in parallel market, depreciates in official FX market

The Naira appreciated slightly in the parallel market yesterday, trading at N1,660 per dollar compared to N1,662 per dollar last weekend.

In contrast, the Naira depreciated in the official foreign exchange market, falling to N1,550 per dollar from the previous rate of N1,540 per dollar.

This represents a N10 drop, according to data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria (CBN).

Similarly, data from FMDQ indicated that the indicative exchange rate in the official market declined to N1,545.1 per dollar, down from N1,533 per dollar recorded last Friday.