By Elizabeth Adegbesan

THE naira yesterday appreciated to N1, 625 per dollar in the parallel market from N1,630 per dollar last weekend.

Similarly, the Naira appreciated to N1,597 per dollar in the Nigerian Foreign Exchange Market (NFEM). Data published by the Central Bank of Nigeria, CBN showed that the exchange rate for the naira fell slightly to N1,597 per dollar from N1,599 per dollar last week Friday, indicating N2 appreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to N28 per dollar from N31 per dollar last weekend.