Naira Appreciates To N997/$ In Parallel Market

Yesterday, the Nigerian naira experienced a positive shift in the parallel market, as it strengthened to N997 per dollar from the previous N1,000 per dollar on Wednesday.

However, the naira’s performance was less favorable in the Investors and Exporters (I&E) window, where it depreciated to N775.2 per dollar.

Data sourced from FMDQ revealed that the indicative exchange rate for the I&E window increased to N775.2 per dollar from N756.21 per dollar on Wednesday, signifying a depreciation of N18.99 for the naira.

As a result, the disparity between the official exchange rate and the parallel market rate reduced to N221.8 per dollar on yesterday, compared to N243.79 per dollar on Wednesday.


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