Naira rises to N1,357/$ in parallel market

By Elizabeth Adegbesan

The Naira yesterday appreciated to N1,357 per dollar from N1,362 in the parallel market last weekend. But the naira depreciated to N1,332.9 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 N1,332.9 per dollar from N1,332 per dollar last weekend, indicating 90 kobo depreciation for the naira.

Consequently, the margin between the parallel and official markets narrowed to N24.1 per dollar from N30 per dollar last weekend.

The value of interbank turnover in NFEM fell by 66 percent to $72.12 million from $154.02 million last weekend.

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