Naira extends gains, trades at N1,394 per dollar

The  Naira yesterday appreciated to N1,394 per dollar in the parallel market from N1,405 per dollar last weekend.

Likewise, the naira appreciated to N1,369 per dollar in the Nigerian Foreign Exchange Market,  NFEM

Data  from the Central Bank of Nigeria,  CBN, showed that the indicative exchange rate for the market fell to N1,369 per dollar from N1,371.5 per dollar last weekend,  indicating N2.5 appreciation for the naira.

Consequently, the margin between the parallel and official markets narrowed to N25 per dollar from N33.5 per dollar last weekend.Interbank turnover at NFEM fell by 63.4 % to N65.2 million yesterday from N39.9 million last weekend.