Naira Rises To N1,490/$ In Parallel Market

The Naira strengthened to N1,490 per dollar in the parallel market yesterday, up from N1,502 per dollar on Tuesday.

Similarly, the Naira appreciated to N1,499.8 per dollar in the Nigerian Foreign Exchange Market (NFEM)

Data published by FMDQ showed that the indicative exchange rate for the naira fell to N1,499.8 per dollar from N1,501 per dollar on Tuesday, indicating 20 kobo appreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate widened to N9.8 per dollar from 50 kobo per dollar the previous day.