Naira Rises To N1,518/$ In Parallel Market

The Naira strengthened yesterday in the parallel market, rising to N1,518 per dollar from N1,520 per dollar on Monday.

However, Naira depreciated to N1,493.2 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 N1,493.2 per dollar from N1,491.4 per dollar on Monday, indicating N1.8 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to N24.8 per dollar from N28.6 per dollar on Monday.