Naira Appreciates To N1,580/$ In Parallel Market

Yesterday, the Naira strengthened to N1,580 per dollar in the parallel market, up from N1,595 per dollar on Wednesday.

Similarly, the Naira yesterday appreciated to N1,570 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,570 per dollar from N1,608.73 per dollar on Wednesday, indicating N38.73 appreciation for the naira.

The volume of dollars traded in the market grew by 47 percent to $142.32 million from $270.81 million traded on Wednesday.

Consequently, the margin between the parallel market and NAFEM rate narrowed to N10 per dollar from N13.73 per dollar on Wednesday.