Naira up to N1,430/$ in parallel market

The naira yesterday appreciated to N1,430 per dollar in the parallel market from N1,470 per dollar last weekend.

Similarly, the naira yesterday appreciated to N1,408. 04 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,408.04 per dollar from N1,431.49 per dollar last week Friday, indicating N23.45 appreciation for the naira.

Consequently, the margin between the parallel market rate and NAFEM narrowed to N21.96 per dollar from N38.51 per dollar last week Friday.