Naira rises, now N1,405/$ in parallel market

The Nigerian naira appreciated against the US dollar in both the parallel and official foreign exchange markets. In the parallel market, the naira strengthened to N1,405 per dollar from N1,410 the previous day. In the Nigerian Foreign Exchange Market (NFEM), the indicative exchange rate fell to N1,322.5 per dollar from N1,324.5, according to Central Bank of Nigeria data. The margin between the parallel and official rates narrowed to N82.5 per dollar, and interbank turnover rose by 62.2 percent to N152.04 million.

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