Naira appreciates to N1,387/$ in parallel market

By Elizabeth Adegbesan 

The Naira yesterday appreciated to N1,387 per dollar in the parallel market from N1,389 per dollar last week Friday.

But the naira depreciated to N1,349.7 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 N1,349.7 per dollar from N1,342.5 per dollar last weekend,  reflecting  N7.2 depreciation for the naira. 

Consequently, the margin between the parallel and official markets narrowed to N37.3 per dollar from N47.5 per dollar last weekend.

The NFEM turnover for the interbank foreign exchange market stood at N18.77 million yesterday, down by 84.9 percent from N124.3 million last week Friday.

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