Naira appreciates to N1,375/$ in parallel market

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By Elizabeth Adegbesan

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The Naira yesterday appreciated to N1,375 per dollar from N1,383 in the parallel market on Tuesday.

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Similarly, the naira appreciated to N1,328 per dollar in the Nigerian Foreign Exchange Market, NFEM.

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Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira fell to N1,328 per dollar from N1,331 per dollar on Tuesday, indicating N3 appreciation for the local currency.

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Consequently, the margin between the parallel and official markets narrowed to N47 per dollar from N52 per dollar on Tuesday.

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The value of interbank turnover in NFEM increased by 181.5 percent to $279.2 million from $99.2 million on Tuesday.

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The nation’s external reserves continue to rise, hitting $54.674bn on Friday September 17th, boosting outlook for the Naira.

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Hence the outlook for Naira remains positive with prospects of further appreciation in both markets in coming weeks.

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