Nigerian Naira Appreciates In Exchange Rate In Parallel Market

The Nigerian Naira appreciated in value to other currencies yesterday, exchanging for N1,560 per dollar in the parallel market

It was N1,565 per dollar on Monday.

This is according to data made available by Data published by the Central Bank of Nigeria (CBN), which showed that it was a different ball game in other markets.

At the Nigerian Foreign Exchange Market (NFEM), the Naira depreciated to N1,530.5 per dollar in the

The exchange rate for the naira rose to N1,530.5 per dollar from N1,529.5 per dollar on Monday, indicating N1 depreciation.

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The margin between the parallel market and NFEM rate had narrowed to N29.5 per dollar from N35.5 per dollar the previous day.

The Nigerian Naira has remained a victim of exchange rate volatility in the market, with economists professing a diversity of reasons.