Naira rises to N1,382/$ in parallel market

By Elizabeth Adegbesan

The Naira yesterday appreciated to N1,382 per dollar in the parallel market from N1,391 per dollar on Wednesday.

However, the naira depreciated to N1,361 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 N1,361 per dollar from N1,359.5 per dollar on Wednesday, reflecting N1.5 depreciation for the naira.

Consequently, the margin between the parallel and official markets narrowed to N21 per dollar from N31.5 per dollar on Wednesday.

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