Naira Appreciates To N1,487/$ In Parallel Market

Nigeria’s currency, the Naira Tuesday appreciated to N1,487 per dollar in the parallel market from N1,491 per dollar on Monday, according to report by Vanguard News.

Similarly, the naira appreciated to N1,447 per dollar in the Nigerian Foreign Exchange Market (NFEM).

The paper cited Data published by the Central Bank of Nigeria, CBN, which showed that the exchange rate for the naira fell to N1,447 per dollar from N1,452.5 per dollar on Monday, indicating N5.5 appreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate widened to N40 per dollar from N38.5 per dollar on Monday.