Naira Appreciates Slightly in Parallel Market Against U.S Dollar

The naira yesterday appreciated to N997 per dollar in the parallel market from N1,000 per dollar on Wednesday.

However, the naira depreciated in the Investors and Exporters, I&E, window yesterday to N775.2 per dollar.

Data from FMDQ showed that the indicative exchange rate for the I&E window rose to N775.2 per dollar from N756.21 per dollar on Wednesday, indicating N18.99 depreciation for the naira.

Consequently, the gap between the official and parallel market exchange rates narrowed to N221.8 per dollar yesterday from N243.79 per dollar on Wednesday.