Naira strengthens to ₦1,412/$ in Parallel Market

Naira appreciated against the dollar yesterday to N1,412 per dollar in the parallel market from N1,420 per dollar on Monday.

However, the naira depreciated to N1,382 per dollar in the Nigerian Foreign Exchange Market, NFEM.

According to data from the Central Bank of Nigeria, CBN, the indicative exchange rate of the naira appreciated to N1,382 per dollar from N1,380.5 per dollar on Monday, showing a depreciation of N1.5 for the naira.

This consequently narrowed the spread between the parallel market and official market by N30 per dollar from N39.5 per dollar on Monday.

The turnover in the interbank market at NFEM increased sharply by 182.2 percent to N243.09 million yesterday from N86.13 million on Monday.