Business News
Naira appreciates to N1,380/$ in parallel market
The naira on Wednesday recorded a slight appreciation against the United States dollar in both the parallel market and the Nigerian Foreign Exchange Market (NFEM).
In the parallel market, the local currency strengthened to N1,380 per dollar, improving from N1,382 traded on Tuesday.
At the official market, the naira also appreciated to N1,361 per dollar from N1,362 per dollar recorded a day earlier.
Data released by the Central Bank of Nigeria showed that the indicative exchange rate dropped by N1, reflecting a marginal gain for the local currency.
Following the latest movement, the gap between the parallel market and the official exchange window widened slightly to N21 per dollar from N20 recorded on Tuesday.
Meanwhile, activity in the interbank foreign exchange market rose significantly, with turnover jumping by 120.9 per cent to $158.2 million, compared to $71.6 million posted on Tuesday.
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