Naira Appreciates to N1,470/$ in Parallel Market

The Naira yesterday appreciated to N1,470 per dollar in the parallel market from N1,475 per dollar on Wednesday.

But the naira depreciated to N1,459.95 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira rose to N1,459.95 per dollar from N1,451 per dollar on Wednesday, indicating N8.95 depreciation for the naira.

As a result, the margin between the parallel market and NFEM rate narrowed to N10.05 per dollar from N26 per dollar on Wednesday.