UPDATED: Naira Rises To N1,730/$ In Parallel Market

UPDATED: Naira Rises To N1,730/$ In Parallel Market

Yesterday, the Naira saw some fluctuations in its exchange rates against the dollar.

Report showed that In the parallel market, the Naira appreciated slightly to N1,730 per dollar from N1,725 the previous day.

However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,675.49 per dollar.

Data from FMDQ revealed that the indicative exchange rate for NAFEM increased to N1,675.49 per dollar from N1,631.17 per dollar on Wednesday, representing a depreciation of N44.32 for the Naira.

The volume of dollars traded in the official market also experienced a notable 29% increase, reaching $166.61 million compared to $128.98 million traded the day before.

This resulted in the margin between the parallel market and NAFEM rates shrinking to N54.51 per dollar from N118.83 per dollar on Wednesday.