Naira Rises To N1,550/$ In Parallel Market

Yesterday, the Naira strengthened to N1,550 per dollar in the parallel market, up from N1,560 per dollar on Wednesday.

Similarly, the Naira appreciated N1,554.55 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,554.55 per dollar from N1,561.98 per dollar on Wednesday, indicating N7.43 appreciation for the naira.

The volume of dollars (turnover) traded on the window rose by 47.4 per cent to $348.82 million from $236.7 million traded on Wednesday.

Consequently, the margin between the parallel market and NAFEM rates widened to N54.55 per dollar from N1.98 per dollar on Wednesday.