Naira rises, now N1,370/$ in parallel market

By Elizabeth Adegbesan

The Naira yesterday appreciated to N1,370 per dollar from N1,375 in the parallel market on Wednesday. 

But, the naira depreciated to N1,329 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 N1,329 per dollar from N1,328 per dollar on Wednesday, indicating N1 appreciation for the local currency.

Consequently, the margin between the parallel and official markets narrowed to N41 per dollar from N47 per dollar on Wednesday.

The value of interbank turnover in NFEM fell by 62.05 percent to $105.95 million from $279.2 million on Wednesday. ...