Naira appreciates to N1,405/$ in parallel market
By Elizabeth Adegbesan
nThe naira appreciated to N1,405 per dollar in the parallel market on Friday, up from N1,412 per dollar recorded on Thursday.
nSimilarly, the local currency strengthened in the Nigerian Foreign Exchange Market (NFEM), closing at N1,384.25 per dollar.
nData from the Central Bank of Nigeria (CBN) showed that the indicative exchange rate fell from N1,389 per dollar on Thursday to N1,384.25 per dollar, reflecting an appreciation of N4.75.
nAs a result, the gap between the parallel market and the official market narrowed to N20.75 per dollar, compared to N23 per dollar recorded the previous day.
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