Naira Gains Marginally on Official FX Market, Now N1,533.49/$

•Depreciates to N1,660/$ on parallel market

Nume Ekeghe

The naira experienced marginal appreciation on the official market yesterday, but continued to depreciate on the parallel market.

Precisely, on the Nigerian Foreign Exchange Market (NFEM), the naira’s average rate appreciated slightly to N1,533.49/$, marking a modest increase of 0.03 per cent from Monday’s closing rate of N1,533.97/$.

The highest official rate recorded during yesterday’s trading was N1,560/$, while the lowest stood at N1,525/$.

Conversely, the naira depreciated by 1.8 percent on the parallel market, sliding to N1,660/$ from the N1,630/$ over the weekend.