Naira rises to N1,380/$ in parallel market

By Elizabeth Adegbesan

The Naira yesterday appreciated to N1,380 per dollar in the parallel market from N1,385 per dollar on Tuesday. However, the naira depreciated to N1,340 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 N1,340 per dollar from N1,337 per dollar on Tuesday, reflecting N3 depreciation for the naira. Consequently, the margin between the parallel and official markets narrowed to N40 per dollar from N48 per dollar on Tuesday.

The post Naira rises to N1,380/$ in parallel market appeared first on Vanguard News.