Naira Gains at Parallel Market but Dips Slightly in Official Window

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The naira appreciated to N1,385 per dollar in the parallel market yesterday, up from N1,395 per dollar on Monday. Traders cited improved dollar liquidity for the gain.

However, the local currency depreciated in the Nigerian Foreign Exchange Market, NFEM. Data from the Central Bank of Nigeria, CBN, showed the indicative exchange rate rose to N1,373.65 per dollar from N1,373.5 per dollar on Monday. That represents a 15 kobo depreciation for the naira.

As a result, the gap between the parallel and official markets narrowed sharply to N11.35 per dollar from N21.5 per dollar on Monday.

Turnover in the interbank foreign exchange market fell by 5.0 percent to $72.4 million, down from $76.3 million the previous day.

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