Naira appreciates to N1,685/$ in parallel market

The Naira yesterday appreciated to N1,685 per dollar in the parallel market from N1,695 per dollar on Wednesday.

Similarly, the Naira appreciated to N1,567 per dollar in the official foreign exchange market. Data from the Central Bank of Nigeria, CBN on Daily Nigerian Foreign Exchange Market (NFEM) showed Naira appreciated for four consecutive days to N1,567 per dollar from N1,660 per dollar on Monday, indicating N93 appreciation for the naira this week.Consequently, the margin between the parallel market and NAFEM rate widened to N118 per dollar from N87 per dollar on Wednesday.

Source :Vanguard