Naira rises to N1,387/$ in parallel market
Naira Gains Value Against Dollar in Foreign Exchange Markets
By Elizabeth Adegbesan
The Nigerian naira strengthened in the parallel market yesterday, appreciating to 1,387 naira per dollar, up from 1,390 naira on Monday.
In the Nigerian Foreign Exchange Market (NFEM), the naira also saw gains, rising to 1,322.9 naira per dollar, although the indicative exchange rate provided by the Central Bank of Nigeria (CBN) experienced a slight decline. The CBN reported that the indicative rate fell to 1,322.9 naira from 1,320 naira on Monday, reflecting a modest appreciation of 2.9 naira for the local currency.
As a result, the difference between the parallel and official exchange rates narrowed, decreasing to 64.1 naira per dollar from 70 naira on Monday. However, interbank turnover in the NFEM dropped significantly, declining by 48.07 percent to $55.6 million, down from $107.07 million on Monday.
