Naira appreciates to N1,416/$ in parallel market
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The Naira yesterday appreciated to N1,416 per dollar in the parallel market from N1,420 per dollar on Wednesday.
However, the naira depreciated to N1,365.1 per dollar in the Nigerian Foreign Exchange Market, NFEM.
Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,365.1 per dollar from N1363.11 per dollar on Wednesday, indicating N1.99 depreciation for the naira. Consequently, the margin between the parallel and official markets narrowed to N50.9 per dollar from N59.11 per dollar on Wednesday.
The interbank turnover at NFEM increased by 31 percent to N98.8 million yesterday from N75.4 million on Wednesday.
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