Naira up to N1,470/$ in parallel market

The Naira on Friday appreciated to N1,470 per dollar in the parallel market from N1,480 per dollar on Thursday.

But, the naira on Friday depreciated to N1,431.49 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,431.49 per dollar from N1,382.35 per dollar on Thursday, indicating N49.14 depreciation for the naira.

Consequently, the margin between the parallel market rate and NAFEM narrowed to N38.51 per dollar from N97.65 per dollar on Thursday.