Naira rises, now N1,374/$ in parallel market

…As interbank turnover rises 445%

By Elizabeth Adegbesan

The Naira yesterday appreciated to N1,374 per dollar from N1,377 in the parallel market on Monday. But the naira depreciated to N1,347.75 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 official market rose slightly to N1,347.75 per dollar from N1,346.01 per dollar on Monday, indicating N1.74 depreciation for the naira.

Consequently, the margin between the parallel and official markets narrowed to N26.25 per dollar from N30.99 per dollar on Monday.

The value of interbank turnover in NFEM increased sharply by 445.6 percent to $118.95 billion from $21.8 billion on Monday.