Naira appreciates to N1,392/$ in parallel market

By Elizabeth Adegbesan

THE Naira yesterday appreciated to N1,392 per dollar in the parallel market from N1,396 per dollar Tuesday.

Similarly, the naira appreciated to N1,369 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 fell to N1,369 per dollar from N1,389 per dollar on Tuesday,  reflecting  N20 appreciation for the naira. 

Consequently, the margin between the parallel and official markets widened  to N23 per dollar from N5  per dollar on Tuesday.