Naira appreciates to N1,405/$ in parallel market

By Elizabeth Adegbesan

LAGOS — The naira appreciated to N1,405 per dollar in the parallel market on Friday, from N1,407 per dollar recorded on Thursday.

However, the currency depreciated to N1,358.25 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 fell to N1,358.25 per dollar from N1,356.50 per dollar on Thursday, representing a N1.75 depreciation.

Consequently, the exchange rate differential between the parallel and official markets narrowed to N46.75 per dollar from N50.50 per dollar recorded on Thursday.

Meanwhile, turnover at the NFEM rose by 51.2 per cent to $119.6 million on Friday from $79.09 million on Thursday.