Naira appreciates to N1,300/$ in parallel market

The naira yesterday appreciated to N1,300 per dollar in the parallel market from N1,350 per dollar on Wednesday.
Similarly, the naira appreciated to N902.08 per dollar in the Nigerian Foreign Exchange Market (NAFEM).


Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N902.08 per dollar from N931.23 per dollar on Wednesday, indicating N29.15 appreciation for the naira.


Consequently, the gap between the official and parallel market exchange rates narrowed to N397.92 per dollar yesterday from N418.77 per dollar on Wednesday.