Naira rises to N1,393/$ in parallel market

By Elizabeth Adegbesan

The Naira yesterday appreciated to N1,393 per dollar in the parallel market from N1,438 per dollar last weekend, falling on the same threshold as the official market.

Similarly, the naira appreciated to N1,344 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 N1,344 per dollar from N1,358 per dollar last weekend reflecting N14 appreciation for the naira.

Consequently, the margin between the parallel and official markets narrowed sharply to N49 per dollar from N72 per dollar last week Friday.

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