Naira appreciates to N1,375/$ in parallel market

By Elizabeth Adegbesan The naira today appreciated to N1,375 per dollar from N1,380 in the parallel market on Thursday. Similarly, the naira appreciated to N1,349 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 official market fell to N1349 per dollar from N1350.45 per dollar on Thursday, indicating N1.45 appreciation for the naira. Consequently, the margin between the parallel and official markets narrowed to N29 per dollar from N29.55 per dollar on Thursday. The value of interbank turnover in NFEM rose by 130.8 percent to $232.9 billion from $100.9 billion on Thursday.