Naira Appreciates To N1,565/$ In Parallel Market

Similarly, the naira appreciated to N1,534.9 per dollar in the Nigerian Foreign Exchange Market (NFEM).

The Naira appreciated in the parallel market today, rising to N1,565 per dollar from N1,570 per dollar on Thursday.

Similarly, the naira appreciated to N1,534.9 per dollar  in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira fell to N1,534.9 per dollar from N1,535  per dollar  on Thursday,  indicating one kobo appreciation for the naira.

Consequently, the margin between the parallel market and the NFEM rate narrowed to N30.1 per dollar from N35 per dollar on Thursday.

This week, the naira lost N1.1 and  N10 in the official and  parallel markets, respectively, against the dollar.