Naira rises to 1,388 naira per dollar in the parallel market

By Elizabeth Adegbesan

The Nigerian naira strengthened in the parallel market, reaching N1,388 to the U.S. dollar, up from N1,395 on Tuesday.

In the official Nigerian Foreign Exchange Market (NFEM), the naira also appreciated, trading at N1,368.95 per dollar.

According to data released by the Central Bank of Nigeria (CBN), the indicative exchange rate for the NFEM fell to N1,368.95 from N1,373 on Tuesday, indicating a N4.05 appreciation of the naira.

As a result, the spread between the parallel and official markets narrowed to N19.05 per dollar, down from N20 on Tuesday.

Turnover in the interbank foreign exchange market rose by 75.3 percent, reaching $130.6 million compared with $74.5 million the day before.

The post Naira rises to N1,388/$ in parallel market appeared first on Vanguard News.