Naira appreciates to N1,385/$ in parallel market

By Elizabeth Adegbesan

THE  Naira yesterday appreciated to N1,385 per dollar in the parallel market from N1,395 per dollar on Monday.

Similarly, the naira appreciated to N1,360.22 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 N1,360.22 per dollar from N1,366 per dollar on Monday,  reflecting N5.78 appreciation for the naira. 

Consequently, the margin between the parallel and official markets narrowed to N24.78 per dollar from N29 per dollar on Monday.

The turnover in the interbank foreign exchange market declined by 5.11 percent to  $168.82 million from $177.92 million on Monday.

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