The Naira today appreciated to N1,550 per dollar in the parallel market from N1,555 per dollar last weekend.However , the Naira depreciated marginally to N1,538 per dollar in the official foreign exchange market after recording steady appreciation last week.

Data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,538 per dollar from N1,535 per dollar last week Friday, indicating N3 depreciation.

Consequently, the margin between the parallel market and NAFEM rate narrowed to N12 per dollar from N20 per dollar last weekend.

VANGUARD