Naira appreciates to N1,440/$ in parallel market

By Elizabeth Adegbesan

The Naira yesterday appreciated to N1,440 per dollar in the parallel market from N1,450 per dollar last weekend. Likewise, the naira appreciated to N1,354.9 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 fell to N1,354.9 per dollar from N1,363 per dollar last weekend reflecting N8.1 appreciation for the naira.

Consequently, the margin between the parallel and official markets narrowed to N85.1 per dollar from N87 per dollar last weekend.

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