Naira Appreciates Against Dollar In Parallel Market

 

The Naira has gained against the dollar on Monday.

 

The naira appreciated to N1,725 per dollar in the parallel market from N1,735 per dollar last week Friday.

 

But the Naira depreciated to N1,676.9 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

 

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,676.9 per dollar from N1,666.72 per dollar last weekend indicating N10.18 depreciation for the naira.

 

The volume of dollars traded (turnover) in the official market declined by 15.6 percent to $79.47 million from $94.2 million traded last week Friday.

 

Consequently, the margin between the parallel market and NAFEM rate narrowed to N48.1 per dollar from N68.28 per dollar last weekend.