Naira appreciates, exchanges at N1,385/$ in parallel market

The naira appreciated to N1,385 per dollar in the parallel market on Tuesday, improving from N1,395 per dollar recorded on Monday.

However, the local currency weakened slightly in the Nigerian Foreign Exchange Market (NFEM), where it traded at N1,373.65 per dollar.

Data released by the Central Bank of Nigeria (CBN) showed that the indicative exchange rate in the official market increased from N1,373.50 per dollar on Monday to N1,373.65 per dollar, indicating a 15-kobo depreciation for the naira.

As a result, the gap between the parallel market and the official exchange rate narrowed to N11.35 per dollar, compared to N21.50 per dollar recorded the previous day.

Meanwhile, turnover in the interbank foreign exchange market fell by 5.0 percent to $72.4 million, down from $76.3 million on Monday.