Naira appreciates to N1,480/$ in parallel market

By Elizabeth Adegbesan

The Naira on Friday appreciated to N1,480 per dollar in the parallel market from N1,487 per dollar on Thursday. Likewise, the Naira appreciated to N1,458 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 fell to N1,458 per dollar from N1,464 per dollar on Thursday, indicating N6 appreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to N22 per dollar from N23 per dollar on Thursday. This week, the naira gained N6 against the dollar in the official market. However, the local currency was stable in the parallel market.

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