Naira rises to N1,447/$ in parallel market

By Elizabeth Adegbesan

THE Naira yesterday appreciated to N1,447 per dollar in the parallel market from N1,455 per dollar on Tuesday. But the naira depreciated to N1,350 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 N1,350 per dollar from N1,349.5 per dollar on Tuesday reflecting 50 depreciation for the naira.

Consequently, the margin between the parallel and official markets narrowed to N97 per dollar from N105.5 per dollar on Tuesday.

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