Naira Rises To N1,600 /$ In Parallel Market

Yesterday, the Naira strengthened to N1,600 per dollar in the parallel market, up from N1,615 per dollar on Wednesday.

However, the Naira depreciated to N1,586.11 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,586.11 per dollar from N1,543.84 per dollar on Wednesday, indicating N42.27 depreciation for the naira.

The volume of dollars traded (turnover) in NAFEM fell by 30 percent to $120.2 million from $171.79 million traded on Wednesday.

Consequently, the margin between the parallel market and NAFEM rate narrowed to N13.89 per dollar from N71.16 per dollar on Wednesday.