Naira strengthens to N1,400/$ in parallel market

The naira yesterday appreciated to N1,400 per dollar in the parallel market from N1,405 per dollar recorded on Tuesday.

However, the naira was stable at N1,379 per dollar in the Nigerian Foreign Exchange Market (NFEM), with the indicative exchange rate remaining the same at N1,379 per dollar according to figures released by the Central Bank of Nigeria (CBN).

Thus, the gap between the parallel market and the official market decreased to N21 per dollar from N26 per dollar recorded on Tuesday.

There was a marked increase in the inter-bank transactions in the NFEM by 398.8 percent to N208 million compared to Tuesday’s transactions of N41.7 million.