Naira appreciates to N1,400/$ in parallel market

By Elizabeth Adegbesan

The Naira yesterday appreciated to N1,400 per dollar in the parallel market from N1,405 per dollar on Tuesday.

But the naira was stable at N1,379 per dollar in the Nigerian Foreign Exchange Market (NFEM), as data from the Central Bank of Nigeria (CBN) showed that the indicative exchange rate remained unchanged at N1,379 per dollar.

Consequently, the margin between the parallel and official markets narrowed to N21 per dollar from N26 per dollar on Tuesday.

The interbank turnover at NFEM rose sharply by 398.8 percent to N208 million yesterday from N41.7 million on Tuesday.

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