The Naira yesterday appreciated to N1,550 per dollar in the parallel market from N1,565 per dollar on Tuesday. But the naira depreciated to N1,537.2 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira rose to N1,537.2 per dollar from N1,533.5 per dollar on Monday, indicating N3.7 depreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate narrowed to N12.8 per dollar from N31.5 per dollar on Tuesday.
