Naira Appreciates At The Parallel Market

Naira appreciated to N1,662 per dollar in the parallel market, from N1,668 per dollar on Thursday.

However, the Naira depreciated to N1,540 per dollar in the official foreign exchange market.

Data from the Daily Nigerian Foreign Exchange Market, NFEM, published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,540 per dollar from N1,534.6 per dollar on Thursday.

This indicates N5.4 depreciation.

Consequently, the margin between the parallel market and NFEM rate narrowed to N122 per dollar from N133.4 per dollar on Thursday.