Naira Appreciates Against Dollar In Parallel Market

Naira Appreciates Against Dollar In Parallel Market

The Naira strengthened against the dollar yesterday, rising to N1,685 in the parallel market from N1,700 on Monday.

Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to N1,659.26 per dollar.

According to FMDQ data, NAFEM’s indicative exchange rate dropped to N1,659.26 from N1,669.15 on Wednesday, reflecting a N9.89 gain for the Naira.

The official market saw a significant 155.2% surge in dollar trading volume to $450.39 million from $176.45 million on Wednesday.

As a result, the gap between the parallel market and NAFEM rates narrowed to N25.74 per dollar from N30.85 on Wednesday.