Naira Appreciates To N1,670/$ In Parallel Market

Yesterday, the Naira strengthened in the parallel market, rising to N1,670 per dollar, up from N1,675 per dollar on Wednesday.

Similarly, the Naira appreciated to N1,622.57 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,622.57 per dollar from N1,625.13 per dollar on Wednesday, indicating N2.56 appreciation for the naira.

The volume of dollars traded (turnover) in the official market declined by 14.6 percent to $145.56 million from $170.6 million traded on Wednesday

Consequently, the margin between the parallel market and NAFEM rate narrowed to N47.53 per dollar from N49.87 per dollar on Wednesday.