Economy
Naira Appreciates To N1,575/$ In Parallel Market
The naira on Friday appreciated to N1,575 per dollar in the parallel market from N1,580 per dollar on Thursday.
The local currency had recorded a N25 appreciation against the dollar since the beginning of the week, when it traded at N1,600 per dollar in the parallel market.
Similarly, the Naira appreciated to N1,537 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 fell to N1537 per dollar from N1,543 per dollar on Thursday, indicating N6 appreciation for the naira.
Likewise, the Naira closed the week at an appreciation of N13 against the dollar in the official market, opening the week at N1,550 per dollar.
Consequently, the margin between the parallel market and NFEM rate widened to N38 per dollar from N37 per dollar on Thursday.
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