Naira appreciates to N1,385/$ in parallel market
Stock image for illustration
nBy Elizabeth Adegbesan
nThe Naira yesterday appreciated to N1,385 per dollar in the parallel market from N1,390 per dollar on Tuesday.
nSimilarly, the naira appreciated to N1,369 per dollar in the Nigerian Foreign Exchange Market, NFEM .
nData from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the market fell to N1,369 per dollar from N1,376 per dollar on Tuesday, indicating N7 appreciation for the naira.
nConsequently, the margin between the parallel and official markets widened to N16 per dollar from N14 per dollar on Tuesday.
nThe interbank turnover at NFEM fell by 66.5 percent to N90.3 million yesterday from N269.9 million the previous day.
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