Naira rises, now N1,405/$ in parallel market

By Elizabeth Adegbesan

The Naira yesterday appreciated to N1,405 per dollar from N1,410 in the parallel market on Wednesday. Likewise, the naira appreciated to N1,322.5 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 fell to N1,322.5 per dollar from N1,324.5 per dollar on Wednesday, indicating N2 appreciation for the naira.

Consequently, the margin between the parallel and official markets narrowed to N82.5 per dollar from N85.5 per dollar on Wednesday.

The interbank turnover at NFEM rose by 62.2 percent to N152.04 million yesterday from N93.7 million on Wednesday.

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