Naira Rises To N1,730/$ In Parallel Market

Yesterday, the Naira appreciated to N1,730 per dollar in the parallel market, up from N1,740 per dollar on Wednesday. However, the Naira depreciated to N1,650.2 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX).

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,650.2 per dollar from N1,645.4 per dollar on Wednesday indicating N4.8 depreciation for the naira.

The volume of dollars traded (turnover) in the market declined by 9.33 percent to $214.73 million from $236.84 million sold on Wednesday.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N79.8 per dollar from N94.6 per dollar on Wednesday.