NAIRA APPRECIATES TO N1,369/$ AT NFEM DESPITE BLACK MARKET DECLINE
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By: Fasasi Hammad
The naira weakened against the United States dollar in the parallel market on Wednesday, trading at N1,413/$1 compared to N1,409/$1 recorded on Tuesday.
However, the local currency strengthened in the Nigerian Foreign Exchange Market (NFEM), appreciating to N1,369/$1 from N1,374.5/$1 a day earlier.
Figures released by the Central Bank of Nigeria (CBN) showed that the indicative exchange rate improved by N5.5, reflecting gains for the naira in the official market.
As a result, the gap between the parallel market rate and the official exchange rate widened to N44/$1 from N34.5/$1 recorded on Tuesday.
Meanwhile, trading activity in the official market increased significantly, with interbank turnover at the NFEM rising by 29 per cent to $416.4 million from $322.7 million recorded the previous day.
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