Naira Rises To N1,495/$ In Parallel Market

The Naira strengthened in the parallel market yesterday, appreciating to ₦1,495 per dollar from ₦1,500 per dollar recorded on Monday.

But the Naira depreciated to N1,464.5 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 N1,464.5 per dollar from N1,464 per dollar on Monday, indicating 50 kobo depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to N35.5 per dollar from N36 per dollar on Monday.