Naira appreciates to N1,408/$ in parallel market

By Elizabeth Adegbesan

The  Naira yesterday appreciated to N1,408 per dollar in the parallel market from N1,415 per dollar last weekend.

Likewise, the naira appreciated to N1,365 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 N1,365 per dollar from N1,368 per dollar last weekend,  indicating N3 appreciation for the naira.

Consequently, the margin between the parallel and official markets narrowed to N43 per dollar from N47 per dollar on last week Friday.

The interbank turnover at NFEM rose sharply by  132.3 percent to N137.05 million yesterday from N58.99 million last weekend.

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