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Naira Appreciates To N1,615 In Parallel Market

Posted by Samuel on Fri 30th Aug, 2024 - tori.ng

Similarly, the Naira yesterday appreciated to N1,593.93 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Naira

Yesterday, the Naira strengthened to N1,615 per dollar in the parallel market, up from N1,620 per dollar on Wednesday.

Similarly, the Naira yesterday appreciated to N1,593.93 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,593.93 per dollar from N1,606.56 per dollar on Wednesday, indicating N12.66 appreciation for the naira.

The volume of dollars traded (turnover) in NAFEM fell by 3.3 percent to $155.52 million from $160.94 million traded on Wednesday.

Consequently, the margin between the parallel market and NAFEM rate widened to N21.07 per dollar from N13.41 per dollar on Wednesday.