Naira Appreciates in Parallel Market Against U.S. Dollar

The Naira on Tuesday appreciated to N1,565 per dollar in the parallel market from N1,570 per dollar on Monday. But the Naira depreciated to N1,537 per dollar in the Nigerian Foreign Exchange Market (NFEM)

Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,537 per dollar from N1,528 per dollar on Monday, indicating N9 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to N37 per dollar from N42 per dollar on Monday.