Naira appreciates to N1,396/$ in parallel market

By Elizabeth Adegbesan

THE Naira yesterday appreciated to N1,396 per dollar in the parallel market from N1,400 per dollar last Thursday.

However, the naira depreciated to N1,389 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 N1,389 per dollar from N1,382.75 per dollar last Thursday, reflecting   N6.25 depreciation for the naira.

Consequently, the margin between the parallel and official markets narrowed to N5 per dollar from N17.25 per dollar last week Thursday.

The data also showed that the number of deals at the interbank market stood at 71, representing a 18 percent decline from 87 deals recorded last week Thursday.