Naira now N1,389/$ in parallel market

By Elizabeth Adegbesan

THE Naira yesterday appreciated to N1,389 per dollar in the parallel market from N1,400 per dollar on Monday.

However, the naira depreciated to N1,356.5 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 N1,356.5 per dollar from N1,356 per dollar on Monday, indicating 50 kobo depreciation for the naira.

Consequently, the margin between the parallel and official markets narrowed to N32.5 per dollar from N44 per dollar on Monday.

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