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Naira appreciates to N1,394/$ in parallel market

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2 weeks ago

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The Naira has appreciated to N1,394 per dollar from the previous rate of N1,405 per dollar in the parallel market yesterday.

Also, the naira appreciated to N1,369 per dollar in the Nigerian Foreign Exchange Market,  NFEM

According to data released by the Central Bank of Nigeria,  CBN, the indicative exchange rate of the market fell to N1,369 per dollar from the previous rate of N1,371.5 per dollar last weekend,  showing an appreciation of the naira worth N2.5.

This led to the narrowing of the spread between the two markets from N33.5 per dollar to N25 per dollar yesterday.
The interbank turnover at NFEM dropped by 63.4% to N65.2 million yesterday from N39.9 million last weekend.

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