Naira Hits 7months High, Appreciates To N1,500/ In Parallel Market

The Naira yesterday sustained its upward trend rising to its highest level in seven months in the parallel market, where it appreciated to N1,500 per dollar from N1,530 per dollar last weekend.

The last time the Naira traded below N1,500 per dollar in the parallel market was Friday June 21st last year when it traded at N1495 per dollar.

But the Naira depreciated to N1,504 per dollar in the Nigerian Foreign Exchange Market NFEM.

Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,504 per dollar from N1,502.5 per dollar last weekend, indicating N1.5 depreciation for the naira.