Naira rises, now N1,370/$ in parallel market
The Naira yesterday appreciated to N1,370 per dollar from N1,375 in the parallel market on Tuesday. Similarly, the naira appreciated 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 fell to N1,329.5 per dollar from N1,331 per dollar on Tuesday, indicating N1.5 appreciation for the naira.
Consequently, the margin between the parallel and official markets narrowed to N40.5 per dollar from N44 per dollar on Tuesday.
The value of interbank turnover in NFEM rose sharply by 122.6 percent to $179.6 million from $80.6 million on Tuesday.
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