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Naira Appreciates To N1,390/$ In Parallel Market

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Naira Appreciates To N1,390/$ In Parallel Market

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The Naira yesterday appreciated to N1,390 per dollar in the parallel market from N1,395 per dollar on Monday.

Similarly, the naira appreciated to N1,376 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 N1,376 per dollar from N1,385 per dollar on Monday, indicating N9 appreciation for the naira.

Consequently, the margin between the parallel and official markets widened to N14 per dollar from N9 per dollar on Monday.

The interbank turnover at NFEM rose by 20.5 percent to N269.9 million yesterday from N223.9 million the previous day.

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