UPDATED: Naira Appreciates To N1,740/$ In Parallel Market

UPDATED: Naira Appreciates To N1,740/$ In Parallel Market

The Naira saw an improvement in its value against the US Dollar in both the parallel market and the Nigerian Autonomous Foreign Exchange Market (NAFEM).

In the parallel market, the Naira rose to N1,740 per dollar from N1,745 per dollar on the previous day.

Similarly, in the NAFEM, the Naira appreciated to N1,644.86 per dollar.

Data from FMDQ revealed that the indicative exchange rate for NAFEM dropped to N1,644.86 per dollar from N1,660.83 per dollar, marking a N15.97 increase in value for the Naira.

The volume of dollars traded also went up significantly by 66% to $560.34 million.

This led to a wider margin between the parallel market and NAFEM rate, which expanded to N95.14 per dollar from N84.17 per dollar.