Naira rises to N1,400/$ in parallel market

By Elizabeth Adegbesan

The  Naira yesterday appreciated to N1,400 per dollar in the parallel market from N1,407 per dollar on Monday.

But the naira depreciated 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 rose to N1,365 per dollar from N1,364 per dollar on Monday,  indicating N1 depreciation for the naira.

Consequently, the margin between the parallel and official markets narrowed to N35 per dollar from N43 per dollar on Monday.

The interbank turnover at NFEM fell by 159.9 percent to N102.95 million yesterday from N39.6  million on Monday.

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