Naira Appreciates To N1,645/$ In Parallel Market

Yesterday, the Naira strengthened in the parallel market, rising to N1,645 per dollar from N1,650 per dollar on Tuesday.

Similarly, the Naira yesterday appreciated to N1,558.75 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,558.75 per dollar from N1,637.59 per dollar on Tuesday, indicating N78.84 appreciation for the naira. The volume of dollars traded (turnover) in the market grew by 54.5 percent to $221.24 million from $143.15 million traded on Tuesday.

Consequently, the margin between the parallel market and NAFEM rate widened to N86.25 per dollar from N12.41per dollar the previous day.