Naira drops to N1,585 per dollar in parallel market
In the parallel market, the value of the naira dropped from N1,570 to N1,585 per dollar on Monday to N1,585 yesterday.
However, on the Nigerian Foreign Exchange Market (NFEM), the value of the Naira increased to N1,527 per dollar.
According to data released by the Central Bank of Nigeria (CBN), the value of the naira appreciated by N5, as the exchange rate dropped from N1,532 to N1,527 per dollar on Monday.
As a result, the difference between the NFEM rate and the parallel market grew from N38 to N58 per dollar the day before.
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