By Elizabeth Adegbesan
The Naira yesterday depreciated to N1,413 per dollar in the parallel market from N1,409 per dollar on Tuesday. But the naira appreciated to N1,369 per dollar in the Nigerian Foreign Exchange Market, NFEM.
Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira fell to N1,369 per dollar from N1,374.5 per dollar on Tuesday, indicating N5.5 appreciation for the naira.
Consequently, the margin between the parallel and official markets widened to N44 per dollar from N34.5 per dollar on Tuesday. The interbank turnover at NFEM rose by 29 percent to N416.4 million yesterday from N322.7 million on Tuesday.
