Naira climbs to N1,394/$ in parallel market

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The naira strengthened to N1,394 per dollar in the parallel market yesterday. That is up from N1,405 per dollar recorded last weekend.

In the official Nigerian Foreign Exchange Market (NFEM), the naira also gained ground. It traded at N1,369 per dollar, compared to N1,371.5 per dollar last weekend. Data from the Central Bank of Nigeria (CBN) shows an appreciation of N2.5 for the naira in that segment.

The gap between the parallel and official rates narrowed to N25 per dollar. Last weekend, the difference stood at N33.5 per dollar.

Interbank turnover at the NFEM dropped sharply. It fell by 63.4 percent to N65.2 million yesterday from N39.9 million last weekend.

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