Naira hits 27-week high, rises to N1,495/$ in official market

By Elizabeth Adegbesan

The Naira appreciated to N1,495 per dollar in the Nigerian Foreign Exchange Market (NFEM), the highest level in 27 weeks since February this year.

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira fell to N1,495 per dollar from N1,503.5 per dollar last week Friday, indicating N8.5 appreciation for the naira.

Similarly, the Naira appreciated to N1,525 per dollar in the parallel market from N1,538 per dollar last weekend.

Consequently, the margin between the parallel market and NFEM rate narrowed to N30 per dollar from N34.5 per dollar last weekend.

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