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    HomeBusiness NewsMoney marketNaira appreciates to N1,480/$ in parallel market

    Naira appreciates to N1,480/$ in parallel market

    Money marketEconomyHuman InterestNews

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    By The Reporter Ng

    The Naira Friday appreciated to N1,480 per dollar in the parallel market from N1,485 per dollar on Thursday.
    But the naira depreciated to N1,424.5 per dollar in the Nigerian Foreign Exchange Market, NFEM.

    Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,424.5 per dollar from N1,421 per dollar on Thursday, indicating N3.5 depreciation for the naira.

    Consequently, the margin between the parallel and official markets narrowed to N55.5 per dollar from N64 per dollar on Thursday.
    This week, the naira weakened by N5 against the dollar in the parallel market and strengthened by N3.5 against the greenback in the official market.

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