The Naira yesterday appreciated to N1,488 per dollar in the parallel market from N1,490 per dollar on Tuesday.

But the naira depreciated to N1,423 per dollar in the Nigerian Foreign Exchange Market, NFEM.

Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,423 per dollar from N1,420 per dollar on Tuesday, reflecting a N3 depreciation for the naira.

Consequently, the margin between the parallel and official markets narrowed to N65 per dollar from N70 per dollar on Tuesday.
By Elizabeth Adegbesan
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