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Naira Appreciates Against US Dollar In Parallel Market

According to data from FMDQ, the indicative exchange rate for NAFEM climbed to……

By Nydra Ayibapreye

Yesterday, the Naira saw an increase in value to N1,060 per dollar in the parallel market, up from N1,105 per dollar on Wednesday. However, it experienced a depreciation in the Nigerian Foreign Exchange Market (NAFEM), falling to N1,154.08 per dollar.

According to data from FMDQ, the indicative exchange rate for NAFEM climbed to N1,154.08 per dollar from N1,072.74 per dollar on Wednesday, reflecting a depreciation of N81.34 for the Naira.

As a result, the margin between the parallel market and NAFEM rates widened to N94.08 per dollar from N32.26 per dollar on Wednesday.

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