The naira appreciated slightly yesterday, trading at N1,518 per dollar in the parallel market compared to N1,520 per dollar on Monday.
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However, at the Nigerian Foreign Exchange Market (NFEM), the currency depreciated to N1,493.2 per dollar from N1,491.4, according to Central Bank of Nigeria (CBN) data. This represents a loss of N1.8.
As a result, the margin between the parallel market and NFEM narrowed to N24.8 per dollar, down from N28.6 the previous day.
Image Credit: Punch Newspapers
