Naira gains against dollar, market gap narrows
Naira, Dollar
The Naira strengthened on Tuesday, trading at ₦1,555 per dollar in the parallel market, up from ₦1,560 on Monday.
In the Nigerian Foreign Exchange Market (NFEM), the currency rose to ₦1,536.8 per dollar from ₦1,538.4, reflecting a ₦2.2 appreciation, data from the Central Bank of Nigeria (CBN) showed.
As a result, the margin between the parallel market and NFEM rates narrowed to ₦18.2 per dollar from ₦21.6 on Monday.
Market analysts attribute the modest gain to increased dollar inflows and improved investor sentiment in the local currency market.
