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Naira Appreciates Against Dollar In Parallel Market

According to data from FMDQ, the indicative exchange rate for NAFEM dropped to N1,390.96 per dollar.

By Johnson Atoukudu

Yesterday, the Naira strengthened to N1,320 per dollar in the parallel market, compared to N1,340 per dollar on Monday. Likewise, in the Nigerian Foreign Exchange Market (NAFEM), the Naira saw an appreciation to N1,390.96 per dollar.

According to data from FMDQ, the indicative exchange rate for NAFEM dropped to N1,390.96 per dollar from N1,419.11 per dollar on Monday, reflecting a N28.15 appreciation for the Naira. The market experienced a high of N1,450 per dollar and a low of N1,200 per dollar, resulting in a margin of N250 per dollar.

The volume of dollars traded in the market surged by 52.4 percent to $225.36 million from $147.83 million traded on Monday.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N70.96 per dollar from N79.11 per dollar on Monday.

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