Naira appreciates to N1,500/$ in parallel market

Yesterday, the Naira strengthened in the parallel market, reaching N1,500 per dollar, up from N1,505 per dollar on Monday.

However, the Naira depreciated to N1,500.79 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,500.79 per dollar from N1,490.2 per dollar on Monday, indicating N10.59 depreciation for the naira.

The volume of dollars traded (turnover) in the market fell by 10 percent to $136.72 million from $152 million traded Monday.

Consequently, the margin between the parallel market and NAFEM rates narrowed to 79 kobo per dollar from N14.8 per dollar on Monday.

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