The naira experienced a rise yesterday, climbing to N1,620 per dollar in the parallel market, up from N1,625 per dollar on Monday. However, it faced a decline in the Nigerian Foreign Exchange Market (NFEM), where it fell to N1,598.69 per dollar, compared to N1,597 per dollar the previous day, reflecting a depreciation of N1.69.
As a result, the gap between the parallel market rate and the NFEM narrowed significantly, decreasing from N28 per dollar on Monday to N21.31 per dollar.
