Naira Rises To N1,560/$ In Parallel Market

The Naira strengthened in the parallel market yesterday, appreciating to N1,560 per dollar from N1,570 per dollar on Wednesday.

But the Naira depreciated to N1,540 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 N1,540 per dollar from N1,539 per dollar on Wednesday, indicating N1 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to N20 per dollar from N31 per dollar on Wednesday.