Market News
Naira rises to N1,570/$ in parallel market - VANGUARD
By Elizabeth Adegbesan
The naira yesterday closed the month on a stronger note in the parallel market, appreciating to N1,570 per dollar from N1,575 per dollar last weekend.
Similarly the Naira appreciated to N1,532 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 fell to N1532 per dollar from N1,537 per dollar last week Friday, indicating N5 appreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate was stable at N38 per dollar.
Consequently, the local currency recorded a N60 appreciation against the dollar in the parallel market in June as against 24 per cent depreciation recorded in May.
Also the Naira recorded N53 appreciation in the official market in June, up from the N22 gain recorded in May.
