Naira gains slightly against Dollar in both Official, Parallel markets

The naira appreciated on Monday to N1,600 per dollar in the parallel market, improving from N1,610 per dollar recorded over the weekend.

The local currency also witnessed a slight gain in the Nigerian Foreign Exchange Market (NFEM).

According to data released by the Central Bank of Nigeria (CBN), the official exchange rate for the naira rose to N1,605 per dollar, compared to N1,606 per dollar last Friday, reflecting a marginal N1 gain.

As a result of this movement, the gap between the parallel market and the official NFEM rate widened slightly to N5 per dollar from N4 per dollar as recorded over the weekend.