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Naira Appreciates To N1,715 in Parallel Market

Posted by Thandiubani on Tue 22nd Oct, 2024 - tori.ng

Recall that the volume of dollars traded in the official market grew by 2.4 per cent to $359.22 million from $350.72 million traded last weekend.

The Nigerian Naira has appreciated at the parallel market on Monday evening, October 21.

The currency appreciated to N1,715 per dollar in the parallel market from N1,725 per dollar last weekend but depreciated to N1,603.16 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

According to Data from FMDQ, the indicative exchange rate for NAFEM fell to N1,603.16 per dollar from N1,600.78 per dollar last week Friday, indicating N2.38 depreciation for the naira.

Also, the volume of dollars traded in the official market grew by 2.4 per cent to $359.22 million from $350.72 million traded last weekend making the margin between the parallel market and the NAFEM rate narrow to N111.84 per dollar from N124.22 per dollar as at last week Friday.