Market News
Naira rises to N1,570/$ in parallel market - VANGUARD
By Elizabeth Adegbesan
The naira yesterday appreciated to N1,570 per dollar in the parallel market from N1,580 per dollar on Wednesday.
However, the Naira recorded its first depreciation in the Nigerian Foreign Exchange Market (NFEM) to N1,525 per dollar after a week-long appreciation.
Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira rose to N1,527.5 per dollar from N1,525 per dollar on Wednesday , indicating N2.5 depreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate narrowed to N42.5 per dollar from N55 per dollar the previous day.
