Naira Appreciates To N1,530/$ In Parallel Market

The Naira strengthened in the parallel market yesterday, rising to N1,530 per dollar from Wednesday’s rate of N1,537 per dollar.

Likewise the Naira appreciated to N1,490 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 fell to N1,490 per dollar from N1,498 per dollar on Wednesday, indicating N8 appreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate widened to N40 per dollar from N39 per dollar on Wednesday.