Market News
Naira rises to N1,388/$ in parallel market - VANGUARD
By Elizabeth Adegbesan
THE Naira yesterday appreciated to N1,388 per dollar in the parallel market from N1,395 per dollar on Tuesday.
Similarly, the naira appreciated to N1,368.95 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 market fell to N1,368.95 per dollar from N1,373 per dollar on Tuesday, reflecting N4.05 appreciation for the naira.
Consequently, the margin between the parallel and official markets narrowed to N19.05 per dollar from N20 per dollar on Tuesday.
The turnover in the interbank foreign exchange market increased by 75.3 percent to $130.6 million from $74.5 million the previous day.
