Naira rises to N1,385/$ in parallel market

By Elizabeth Adegbesan

The Naira yesterday appreciated to N1,385 per dollar in the parallel market from N1,395 per dollar on Monday.

But the local currency depreciated to N1,373.65 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 rose to N1,373.65 per dollar from N1,373.5 per dollar on Monday, reflecting 15 kobo depreciation for the naira.

Consequently, the margin between the parallel and official markets narrowed to N11.35 per dollar from N21.5 per dollar on Monday.

The turnover in the interbank foreign exchange market declined by 5.0 percent to $72.4 million from $76.3 million the previous day.