Naira Appreciates To N1,560 /$ In Parallel Market

The Naira appreciated in the parallel market today, strengthening to N1,560 per dollar from Thursday’s rate of N1,565 per dollar.

But the naira appreciated to N1,534 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 rose to N1,535.5 per dollar from N1,534 per dollar on Wednesday, indicating N1.5 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to N24.5 per dollar from N31 per dollar the previous day.

The parallel market witnessed a 30 depreciation in exchange rate this week compared to 50 kobo gain the previous week.

However, the official market witnessed no depreciation or appreciation for the naira this week.