Market News
Naira rises to N1,550/$ in parallel market - VANGUARD
By Elizabeth Adegbesan
The Naira yesterday appreciated to N1,550 per dollar in the parallel market from N1,555 per dollar on Tuesday.
But the Naira depreciated to N1,537.9 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira rose slightly to N1,537.99 per dollar from N1,534.5 per dollar on Tuesday, indicating N3.49 depreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate narrowed to N17.01 per dollar from N20.5 per dollar on Tuesday.