The naira yesterday maintained its upward performance against the dollar in the parallel market, appreciating to N385 per dollar. Vanguard survey reveals that the parallel market exchange rate dropped from an average of N390 per dollar last week to N385 per dollar at the close of business yesterday, implying N5 or 1.28 per cent appreciation for the naira.
The continued appreciation was driven by declining dollar demand, as well as reduction in banks’ foreign exchange rate for invisibles to N360 per dollar by the Central Bank of Nigeria (CBN).
Last week the naira appreciated by 12.4 per cent in the parallel market as the parallel market exchange rate dropped to N390 per dollar from N445 per dollar the previous week due to declining dollar demand prompted by sustained intervention of the CBN in the foreign exchange market.
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