Naira appreciates to N1,412/$ in parallel market

By Elizabeth Adegbesan
The naira appreciated to N1,412 per dollar in the parallel market on Friday, from N1,416 per dollar recorded on Thursday.
Similarly, the local currency strengthened to N1,364 per dollar at the Nigerian Foreign Exchange Market (NFEM).
Data from the Central Bank of Nigeria (CBN) showed that the indicative exchange rate for the naira stood at N1,364 per dollar, compared with N1,365.10 per dollar on Thursday, representing an appreciation of N1.10.
Consequently, the gap between the parallel and official markets narrowed to N48 per dollar from N50.90 per dollar recorded on Thursday.
Meanwhile, interbank turnover at the NFEM increased sharply by 298.2 per cent to...