The Naira yesterday appreciated to N1,462 per dollar in the parallel market from N1,465 per dollar on Monday. However, the naira depreciated to N1,440.89 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 N1,440.89 per dollar from N1,437.5 per dollar on Monday, indicating N3.39 depreciation for the naira.

As a result, the margin between the parallel market and NFEM rate narrowed to N21.11 per dollar from N27.5 per dollar on Monday.

By Elizabeth Adegbesan

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