Brands and Marketing
Naira Appreciates To N1,715 In Parallel Market
Naira Appreciates To N1,715 In Parallel Market
The Nigerian Naira exhibited various movements in the foreign exchange markets recently.
In the parallel market, the Naira appreciated to N1,715 per dollar from N1,725 per dollar over the weekend.
On the other hand, the Naira depreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM) to N1,603.16 per dollar from N1,600.78 per dollar.
This translates to a depreciation of N2.38 for the Naira.
The data from FMDQ indicated a narrowing of the margin between the parallel market and the NAFEM rate, which decreased to N111.84 per dollar from N124.22 per dollar the previous week.
In the official market, the volume of dollars traded increased by 2.4%, reaching $359.22 million compared to $350.72 million traded the previous weekend.
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