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Naira Appreciates to N1,416/$ in Parallel Market

Written by lugardtv
Estimated reading time: Less than 1 minutes

The Naira yesterday appreciated to N1,416 per dollar in the parallel market from N1,420 per dollar recorded on Wednesday.

However, the local currency depreciated to N1,365.1 per dollar at 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 N1,365.1 per dollar from N1363.11 per dollar on Wednesday, indicating a N1.99 depreciation for the naira.

Consequently, the gap between the parallel and official markets narrowed to N50.9 per dollar from N59.11 per dollar recorded on Wednesday.

Meanwhile, the interbank turnover at NFEM increased by 31 percent to N98.8 million yesterday from N75.4 million recorded on Wednesday.

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