Business News
Naira gains, trades at N1,416/$ in parallel market
The naira strengthened slightly against the United States dollar in the parallel market on Thursday, trading at N1,416/$1 compared to N1,420/$1 recorded on Wednesday.
However, the local currency moved in the opposite direction at the Nigerian Foreign Exchange Market (NFEM), where it weakened to N1,365.1 per dollar.
Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,365.1 per dollar from N1363.11 per dollar on Wednesday, indicating N1.99 depreciation for the naira.
Consequently, the margin between the parallel and official markets narrowed to N50.9 per dollar from N59.11 per dollar on Wednesday.
The interbank turnover at NFEM increased by 31 percent to N98.8 million yesterday from N75.4 million on Wednesday.
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