Naira climbs to N1,393 per dollar in the parallel market

By Elizabeth Adegbesan

The naira rose to N1,393 per US dollar in the parallel market on Tuesday, up from N1,405 per dollar on Monday.

In the Nigerian Foreign Exchange Market (NFEM), the naira also strengthened to N1,373 per dollar.

Data released by the Central Bank of Nigeria (CBN) indicated that the indicative exchange rate fell to N1,373 per dollar, down from N1,375 per dollar on Monday, representing a N2 gain for the naira.

As a result, the spread between the parallel and official rates narrowed to N20 per dollar, compared with N30 per dollar on Monday.

Interbank foreign‑exchange turnover rose 4.6 % to $74.5 million, up from $71.2 million on Monday.

This article was originally published by Vanguard News.