Naira appreciates to N1,362/$ in parallel market

By Elizabeth Adegbesan
The Naira today appreciated to N1,362 per dollar from N1,370 in the parallel market on Wednesday.
But the naira depreciated to N1,332 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 N1,332 per dollar from N1,329.5 per dollar on Wednesday, indicating a N2.5 depreciation for the naira.
Consequently, the margin between the parallel and official markets narrowed to N30 per dollar from N40.5 per dollar on Wednesday.
The value of interbank turnover in NFEM fell by 14.19 per cent to $154.02 million from $179.5 million on Wednesday.
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