Naira rises to N1,555/$ in parallel market

Naira rises to N1,555/$ in parallel market

THE Naira yesterday appreciated to N1,555 per dollar in the parallel market from N1,570 per dollar last week Friday.

But the Naira depreciated to N1,512 per dollar in the Nigerian Foreign Exchange Market (NFEM).

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Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the Naira rose to N1,512 per dollar in NFEM from N1,511 per dollar last weekend, indicating a N1 depreciated for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to N43 per dollar from N59 per dollar last week Friday.

Naira rises to N1,555/$ in parallel market