Naira appreciates to N1,390/$ in parallel market

By Elizabeth Adegbesan

THE Naira yesterday appreciated to N1,390 per dollar in the parallel market from N1,392 per dollar on Monday.

But the naira depreciated to N1,383 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 N1,383 per dollar from N1,369 per dollar on Monday,   reflecting   N14 depreciation for the naira.

Consequently, the margin between the parallel and official markets narrowed to N7 per dollar from N23 per dollar on Monday.

The turnover in the interbank foreign exchange market grew by 28.8 percent to   $98.8 million from $76.7 million.