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Naira Appreciates To N1,080$ In Parallel Market

Yesterday, the Naira strengthened to N1,080 against the dollar in the parallel market, up from N1,230 last weekend. Similarly, it appreciated in the Nigerian Foreign Exchange Market (NAFEM) to N1,136.04 per dollar.

Data from FMDQ revealed that the indicative exchange rate for NAFEM dropped to N1,136.04 per dollar from N1,143.38 last Friday, indicating a N7.34 appreciation for the Naira. As a result, the margin between the parallel market and NAFEM rates decreased to N56.04 per dollar from N86.62 last Friday.

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