Naira Appreciates To N1,550/$ In Parallel Market

The Naira yesterday appreciated to N1,550 per dollar in the parallel market from N1,560 per dollar last weekend.

But the Naira depreciated to N1,534.8 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 rose to N1,534.8 per dollar from N1,530 per dollar last week Friday, indicating N4.8 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to N15.2 per dollar from N30 per dollar last weekend.