Naira Firms to ₦1,460/$ at Parallel Market

The naira strengthened on Tuesday, trading at ₦1,460 per dollar in the parallel market, up from ₦1,470 per dollar on Monday.

The local currency also appreciated in the Nigerian Foreign Exchange Market (NFEM), closing at ₦1,447 per dollar, up from ₦1,450 the previous day.

Data from the Central Bank of Nigeria (CBN) showed a ₦3 gain for the naira at the official window.

With the latest movement, the gap between the parallel market rate and the NFEM rate narrowed to ₦13 per dollar, down from ₦20 per dollar on Monday.