Naira appreciates to N1,380/$ in parallel market

The  Naira yesterday appreciated to N1,380 per dollar from N1,390 in the parallel market on Monday.

But the naira depreciated to N1,329.5 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 N1,329.5 per dollar from N1,329 per dollar on Monday, indicating 50 kobo depreciation for the local currency.

 Consequently, the margin between the parallel and official markets narrowed to N50.5 per dollar from N61 per dollar on Monday.

The value of interbank turnover in NFEM grew  by 177.6 percent to $262.12 million from $94.4 million on Monday.