In parallel market, Naira appreciates to N1,512/$

In parallel market, Naira appreciates to N1,512/$.

The Naira yesterday appreciated to N1,512 per dollar in the parallel market from N1,515 per dollar on Tuesday.

However, the Naira depreciated to N1,505 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,505 per dollar from N1,502 per dollar on Tuesday, indicating N3 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to N7 per dollar from N13 per dollar on Tuesday.