Market News
Naira appreciates to N1,560/$ in parallel market - VANGUARD
By Elizabeth Adgbesan
The Naira today appreciated to N1,560 per dollar in the parallel market from N1,590 per dollar on Thursday.
But the Naira depreciated to N1,502.5 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 N1,502.5 to a dollar from N1,502 per dollar on Thursday, showing a 50 kobo depreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate widened to N57.5 per dollar from 88 kobo per dollar on Thursday.
The Naira has maintained a fluctuating trend this week in both the parallel and official market segment.
Meanwhile, black market traders attributed the appreciation in the parallel market to low demand and high supply of dollars.
They, however, projected the naira to be at the N1,500 per dollar threshold next week.
