Naira now N1,450/$ in parallel market

By Elizabeth Adegbesan

The Naira yesterday appreciated to N1,450 per dollar in the parallel market from N1,455 per dollar on Tuesday.

Similarly, the naira recorded its third consecutive day of appreciation in the Nigerian Foreign Exchange Market, NFEM, strengthening to N1,359 per dollar.

Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira fell to N1,359 per dollar from N1,367 per dollar on Tuesday, reflecting N8 appreciation for the naira. Consequently, the margin between the parallel and official markets widened to N91 per dollar from N88 per dollar on Tuesday.

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