Naira appreciates to N1,395/$ in parallel market

By Elizabeth Adegbesan 

The Naira yesterday appreciated to N1,395 per dollar in the parallel market from N1,405 per dollar last week. 

However, the naira depreciated to N1,383 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 N1,383 per dollar from N1,362 per dollar last week Wednesday,  reflecting  N11 depreciation for the naira. 

Consequently, the margin between the parallel and official markets narrowed to N12 per dollar from N43 per dollar last week.

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