Naira appreciates to N1,412/$ in parallel market

By Elizabeth Adegbesan

The Naira yesterday appreciated to N1,412 per dollar in the parallel market from N1,420 per dollar on Monday.

But the naira depreciated to N1,382 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 naira rose to N1,382 per dollar from N1,380.5 per dollar on Monday,  indicating N1.5 depreciation for the naira.

Consequently, the margin between the parallel and official markets narrowed to N30 per dollar from N39.5 per dollar on Monday.

The interbank turnover at NFEM rose sharply by 182.2 percent to N243.09 million yesterday from N86.13 million on Monday.

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