Naira appreciates to N1,395/$ in parallel market

By Elizabeth Adegbesan
The naira today appreciated to N1,395 per dollar in the parallel market from N1,403 per dollar on Thursday.
Similarly, the naira appreciated to N1,370 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 market fell to N1,370 per dollar from N1,371.4 per dollar on Thursday, indicating N1.4 appreciation for the naira.
Consequently, the margin between the parallel and official markets narrowed to N25 per dollar from N31.6 per dollar on Thursday.
The interbank turnover at NFEM fell by 17.6 per cent to N70.4 million yesterday from N85.5 million the previous day.
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